I was checking to see if I could reproduce your problem.
Loopback does seem to work for me here, that might be because I very recently fixed channel selection on Mac (will be in some upcoming release).
You should note that ST does not support hotplugging audio devices.
That means that if you add or remove a virtual device in Loopback, you will have to restart StereoTool every time.
Even if you're not using those devices!
That's because the internal list of sound cards that ST uses, will be outdated when you change your actual soundcard configuration.
So a device in ST called "Internal Microphone" might suddenly not be the internal microphone anymore if you added some virtual device that got pushed into the OS device list where the internal microphone used to be.
I'll be working on a "refresh devices" button in the near future, but as far as I know, there's no good way for us to detect changes (so we can't refresh devices automatically).
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