This seems to be a bug! (And a big one)
When the FX send is enabled prior to hitting play, the volume is doubled -- because the original track is playing and the bus adds to it.
However, when the FX send is disabled and reenabled during playback, the phasing is introduced.
To get rid of the phasing, I have to stop playback, enable the bus and the play.
Can anyone present a rational explanation for this behavior or should a bug be submitted?