Is it safe to assume that when I choose an output in OB Control Panel, and it shows up in my DAW (REAPER) with a L and a R, I assume the signal is the same, just like the hardware indv. outs… Correct?
So far it seems the same as HW outs.
Yes
But, please, this point has been covered in quite a lot of threads already, try the search and develop existing threads as per the guidelines 