@Bristol_Jonesey, you are a godsend, thank you. Had to research interleave, but that was the trick. Solved.
@mettelius, thanks for the reply, couldn't quite follow you, but yes, some effects do have a stereo version and a mono version (the Waves Mercury collection has a lot that are like this).
I usually use the mono versions on mono audio because I assume they may be lighter on RAM and I've occasionally had funny business with things being a bit touchy when mixing through my interface and a mono track gets bounced to either L or R if the FX are stereo.
Apparently when you assign a mono effect, it sets the interweave to mono, and processes everything down a single mono channel. Which is biz as usual IF it's a mono track, but obviously obnoxious if it's stereo.