Soooo, after reading the support forums at both Ion Audio and Roxio, I decided the only option I have is to record to the hard drive using Audacity (with which you can hear the audio while recording), then do the track splitting and clean up in Roxio afterwards. You'd think Roxio would be able to handle everything, especially for a $99 program, but turns out that isn't the case!
Anyway, I have the A and B sides of the "James Bond's Greatest Hits" album on the hard drive now. Since I was "fighting" most of the afternoon trying to get the turntable to work properly with Roxio, I'll wait till tomorrow to do the editing. I need to get away from the 'puter awhile. Probably go to the living room and watch more DVDs the rest of the evening!