I did manage to get it working and it turns out was a simple mistake on my part, which was leaving the UX1 plugged in, I had began installing Gearbox since it was available without considering that any installs for these devices also have the drivers packed in with them, and so it over wrote the drivers already installed with old ones or something..
Any way, I just uninstalled everything and started fresh and waited for prompting before plugging in the interface and all is solved now.
I also got a "Y" cable with 2x -1/4" jacks for putting into the UX1 "analog outs right and left) and then it has a 3.5mm jack on the other end which I plugged into the "microphone jack" on the sound card, and after setting the sound card "mic" mixer control to "MIC" instead of "Line In" it started putting out the monitoring sound without any noticeable latency and the tone direct control knob on the UX1 works perfect with that configuration....
So it seems all is working good, however, I was curious if anyone has ever used a S/PDIF connection from computer sound through a little S/PDIF to analog converter box and using that to connect to the UX1 , as I was thinking it would have a bit better quality sound , but maybe that would only be important if it was for the recording signal, so I think maybe that wouldn't matter..
Just wondering if anyone has used a setup like that and found it useful.. It is difficult to find rigging methods to try since there are so many ways to go.. I'll just keep checking and reading up on it....
danperry's post in Monkey And Manual Install Of Latest Ux1 Driver Failing was marked as the answer