I appreciate the suggestions, but my problem is that I have followed the instrudtions to a T. The issue is that for some reason it's not recognizing the timing between hitting the Tap button followed by the Model select knob. As I've said, I've tried it at least 100 times with various timings, and nothing. It always goes into Looper mode. I did try reinstalling via Monkey, but it indicated I already had the latest Firmware, unless there's a way to override that and reinstall.
So, my question is whether there is an alternate way for Factory Reset, or if there is indeed something wrong with the switches. To be honest, I found this a pretty awkward way to reset. Especially requiring such specific timing.