I just noticed that if you deselect a track in record mode, the record mode disengages. I think it would be better to maintain record mode until the user explicity turns it off, by hitting the record button.
This way you can jump in and out of record mode for different tracks very quickly while playback continues.
When no track is selected you would be in step-rec mode.
Right now you can switch recording tracks, but at least one track must be record enabled to keep recording active.