Windows 10 user here.
1. Thanks for the solution of changing to 16bit 48kHz. Output now works as expected.
2. Recording actually works fine also for me. I have a Toneport UX2 and using Reaper as recording software. Line6 Gearbox worked fine to installed, so I set Mic1 as input and everything seems to be OK.
3. For those who are new to Line 6 prouducts. I have had driver problems every since I switched from XP to Vista. For Vista I waited maaaany months before I had a working driver for my Toneport UX 2.