I'm using a PPS-1 version 3 as well!
Oh ok, well then I can tell you exactly what I did. I'm using version 4.78 of Reaper, so yours may be slightly different depending on your version and/or if you have a different theme. If you have trouble finding something, let me know.
First to stripe the tape:
1) Open a new Reaper project and select Insert (menu) -> SMPTE LTC/MTC Timecode Generator (it may also only say "Timecode Generator")
2) Right click on the item in the track window and select "Source properties."
3) Confirm that the Frame rate is 30.00 and that "Send audio (LTC)" is checked.
4) Set the start time to 00:00:30:00 (30 seconds) for now. This means that, when Reaper first sees the beginning of the timecode on the tape, it will start chasing at 30 seconds into the project.
5) Close the properties window and increase (drag out) the media item for as long as you want to stripe the tape. I did a whole side of a 60 minute cassette on my Tascam 246. It runs at 2x speed, so this meant 15 minutes. But if you want to only stripe enough for one song, you can do that.
6) Send the signal from your interface to track 16 of your tape machine.
7) Make sure that you don't have any EQ or noise reduction on the tape track and, after a good 15 or 30 seconds of leader time, record the time code on track 16 with a level of about -3dB.
8) After you're done recording the timecode, rewind the tape to the beginning.
Slaving - hookup:
1. Run a cable from the output of track 16 to the "From Tape" jack on the PPS-1.
2. Plug in the PPS-1
3. Set the right switch on the PPS-1 to "SMPTE" and the left switch to "MTC"
4. Run a MIDI cable from the MIDI OUT of the PPS-1 to MIDI IN on your interface.
Slaving - execution:
1. Open a Reaper project and add a track with audio or a VSTi with MIDI events, starting a bit after 30 seconds in. Be sure it's something that lasts several minutes so you can verify it's staying in sync for the long haul. (I just used a three minute drum track in EZ drummer.)
2. Right click on the PLAY button in Reaper. This will bring up the "External Timecode Synchronization" window.
3. First, check the box that says "Enable synchronization to timecode."
4. Then, for "Use input:" make sure you have your interface's MIDI jack selected (the one you used to connect to the MIDI OUT of the PPS-1). You can leave all of the other settings at their default for now.
5. When you close the window, it should say "MTC SYNC" in the transport bar somewhere (mine says it right below "Stopped"), and there will probably be an indication on the PLAY button as well, such as a lock icon or the word "sync." This lets you know you're in the right mode.
6. Press the space bar (or the PLAY button). You should see "Waiting for TC" in the transport bar (mine replaces the word "Stopped" with it).
7. The moment of truth! Press play on your tape machine, and when the timecode starts on your tape, Reaper
should spring into action and start playing!
8. If it worked, then rewind the tape and try recording something (just a direct guitar or whatever)
in time, being very deliberate with quarter notes or something, on track 1 (or whatever) of the MS-16, for the duration of the Reaper track.
9. Rewind the tape and listen to make sure the Reaper track stays in time with your newly recorded tape track.
I hope this helps. Let me know! Good luck!