Okay I've tested all the sockets and IC's and there aren't any shorts or connections that shouldn't be happening. Checked the +- DCV coming into the IC's and all seems well there too. Checked all the resistor values near/around the DC Input and IC's: all seems well.
Now what I did find: On the L channel PCB with the smoking RPSU (connected to -DCV) resistor; if I simply take out the 5534 IC at U5, voila no smoke. With it in, the same RPSU resistor is smoking within a minute of being on. With it out, no smoke after being left on for upwards of 5 minutes. With this knowledge, I placed the 5534 IC from the right channel (which seems fine) onto the L channel and all was fine. Again, unit was powered on for a good while (5-10 minutes) and no smoke, all the voltages looked good, LED's work, etc.
Could it simply be a bad chip? I.e if replacing the chip eliminates the issue, is the chip itself the issue? Or could it be something deeper? (like maybe when the chip is in, it's making a connection and sending signal elsewhere where the real root of the problem is)
I think I'm really close! Can't wait!! Got a heat gun today and a bunch of shrink wrapping and went crazy cleaning up all my wiring all over the place. Also getting switches (lorlins) in next week sometime. figuring that out should be fun!