If you depress CD/TAPE TO CTRL do you hear anything at all through the headphones (with the instrumental tracks playing)?
If not, this suggests the switch may have sustained some damage. We know the signal is getting from the sound card to the CD/TAPE input, because you record the instrument tracks with CD/TAPE TO MIX depressed.
CD/TAPE TO CTRL completely isolates the 'phones from the rest of the mixer.
Is Input Echo turned on in your audio track that you are recording to?
Bases on the slim clues you have offered, it seems likely that Input Echo is turned of.
What you have written seems to indicate that you have a complete signal path.
If you turn on Input Echo with CD/TAPE TO MIX engaged, you will most likely get a fierce feedback loop until the audio engine shuts down, so be careful with the headphones.
ps. It's good to see my old pic still getting some use.