The CV affects the Delay Level on the Cutting Room Floor module. It will have no affect on the Tape Level. Both switch's effect modes are engaged in the "up" position- These provide multiple head repeats and tape stability effects. I suggest reading the manual which is located on the product page of our website.
For others checking out this module, note that it is not a traditional delay effect. It's meant to provide tape overdrive to the direct signal as well as simulating the mechanics of a reel-to-reel tape delay, and the sound of it being abused / broken. There are many delays out there to choose from if you're looking for something more traditional. But if you're looking for something to beautifully marr your sound only the way analog tape pushed to the limits can, the Cutting Room Floor is a must-have, taking only 6hp in your case. This video gives a great taste of how it sounds: ">