OK. I figured it out.
My overall intention was to have a single mono track from the stereo file. Doing it the way that was outlined above still imports it back to a stereo stem with different editing options. Not sure i understand the logic behind this. Anyhow, once you do have your split file "per instructions above" in the audio bin you need to select both the R and L and then click "EDIT", "Disconnect connected split stereo file". Now you can drop your R and L on separate tracks for better control or just use the L or R for your MONO track. In my case i had an old bass track that was recorded as stereo and wanted to center it as MONO. You can also reconnect them as well from the edit menu.
This program seems to always have a cool trick buried somewhere. I'm really glad to have made the switch from Cubase.