So unless the tracks are recorded in pairs, will the final product be in mono?
Not exactly. Each individual track is mono. If you need to record a stereo signal, you have to use two tracks, for left and right.
When you play the tape back, you get 8 outputs which you then feed into a mixer. The mixer outputs a stereo signal, and the panning knobs for each channel determine where the tracks sit in the stereo image.
e.g. if you had the mixer set with all 8 channels centre, you would get a mono output.
e.g. on one of my songs I had:
1. Clavinet
2. Bass
3/4 Keys (organ, horns, mellotron samples) - stereo
5/6 Drums - stereo
7. Electric piano
8. Timecode track
I didn't write the pannings down on the sheet, but if I were mixing it now, I'd set it so that:
1. Pan slightly left
2. Centre pan (bass should be centred, especially if you're thinking of pressing on vinyl)
3. Left
4. Right
5. Left
6. Right
7. Panned slightly right to balance track 1
8. mute (it's digital data to drive the sequencer, you don't want to hear it)
Does that help make things clearer?