I wanted to post the solution to the problem–you were right! I picked up an Edirol UA-1EX and installed it. I changed the Control Panel Decklink’s input to Analog XLR, selected the Edirol UA-1EX as the input device, enabled the Audio 1 track for recording and started up the capturing window. I heard the audio as the video played and was able to successfully capture both.
After reading the manual again, it explicitly states: “DeckLink features support for ASIO audio output drivers. This allows Premiere Pro to use DeckLink as an ASIO audio output device.” However, it does not mention ASIO audio input, so my question is then:
So my question is: what are audio pins 14 and 15 from the consumer breakout cable for? How do I use them? It seems a bit silly to have those pins, but no way to use them in Premiere…