Thank you so much for your help, for I had the same exact question as the original poster.
However, I am running into trouble at a certain point of your answer. (I’m not trying to commandeer the post).
I am able to Modify the Audio Channel of the clip (from the Project Bin) just fine, and limit the Audio Tracks to 1. Great! It jumps into my timeline and only uses up one track, aswell as the desired channel.
However, when I want to change the channel that is being played AFTER I drag it into the timeline, it will not let me.
I right click on the clip (in the timeline), Click Audio Channels, and for the Source Channel I only get Left and Right. Why is that?