1. How do you turn on the rubber band for audio in the source monitor? I would like to be able to keyframe volume in the source monitor.
2. I am able to drag the rubber band up or down and plot keyframes on it in the Timeline, though there is only one rubber band. Is there a way to turn the rubber band on for both audio tracks so I can make changes to each track individually with the pen tool?
1. You can't. You do this in the Effect Controls pane.
2. The volume affects both channels of a stereo track equally.