Studio mode is good if you want up to 4 separate outputs to send to external fx/mixer/etc. By using main and cue volume levels and panning, you can send tracks to 4 different destinations.

One creative suggestion is to have 2 different effects on outs C/D and by using LFOs with panning, p-locking levels, etc you can programatically get dry samples, effected samples, and any combination.