The HT bypass is used to "pass" an external processor or other source directly to the output of the Cortese. The signal goes through untouched. The HT bypass is not an output of any kind. If you want an output to a reel to reel, use the tape monitor loop by plugging the input of the reel to reel into the "REC" unbalanced outputs (see diagram in the owner's manual). That's better than using the unbalanced outputs of the Cortese (actually you can't if you're using the balanced outputs already)because the reel to reel would be getting a full signal from the Cortese, unaffected by the volume settings.
As far as the other question from Michael Smith, that would depend if the signal that you want to pass through has already gone through a gain stage. If it's coming from the front channel outputs of a standalone DVD player, it's cleaner than if the signal is coming from the front outputs of a processor with volume control because the signal is will pass through 2 gain stages, but it's still doable...just not as clean as a true HT bypass which ensures that the signal will only pass through 1 gain stage and you would not have to set the volume for the front speakers both on the HT Processor and on the Cortese. Hope that helps.
As far as the other question from Michael Smith, that would depend if the signal that you want to pass through has already gone through a gain stage. If it's coming from the front channel outputs of a standalone DVD player, it's cleaner than if the signal is coming from the front outputs of a processor with volume control because the signal is will pass through 2 gain stages, but it's still doable...just not as clean as a true HT bypass which ensures that the signal will only pass through 1 gain stage and you would not have to set the volume for the front speakers both on the HT Processor and on the Cortese. Hope that helps.