@MosValve - you were on the right track. I'm sorry I didn't "get it" when you suggested it.
Thanks, @MixMkr... your additional notes enabled me to see the problem.
It is counter-intuitive to me that input echo should be needed. This actually explains some weird stuff I was hearing as I was recording the guitars. I've often used the blue "disable input echo" on the Command Bar to turn off input echo on all tracks, in order to clarify where sounds are being fed whilst recording.
Now, if you use Aux tracks, you can't do that. In fact, unless you're 'printing' or 'bouncing' every aux track to a recorded WAV, you absolutely can't disable input echo on all tracks without dropping parts out of the mix.
I'm not sure I like this. I get that it's partly my own fault...
Darn. Repeat after me:
Aux Tracks are not Buses. but I really wish they were.