Or otherwise convert to dual channel (one channel for each speaker) and control the playback for each channel. I need to be able to listen to each speaker separately and only on left or right side of headset respectively.
Playback? Or are you talking about editing/processing with Audacity?
In Audacity, Split Stereo Track allows you to edit the left & right channels separately.
Hi, you are recording, Shift+R creates a new track for a recording.