I hooked up my turntable to a stereo receiver that had a phono preamp on it (dedicated phono preamp interfaces w USB are available, also) and recorded it onto 2 tracks in CEP. That gave me a "stereo" recording which was actually "mono:" since the original was mono, I had the same signal on each track, but (in this case) each side picked up a different click/noise pattern.
I first tried to use the stereo version, but after a few stabs it was obvious that there was twice as much noise that way. In CEP, it is possible to make a stereo "mixdown" from a mono track. Highlight one of the two tracks and and go to Edit/Mix down/Selected Tracks. That made it into "stereo" which had only the noise from the single track.
That was a lot easier to deal with. I did the noise reduction, then converted to 16 bit, and it was ready to burn to CD.
If you are starting with an actual stereo recording, you probably want to do the NR on each track individually. Highlight the track you want to work on, hit F12, and it will be in Edit View. Finish your work on it, hit F12 again, and you are back to Multitrack View. Do the other track, and when you are satisfied with the results, go to Edit/Mix Down/All Tracks and you'll get, again, a stereo mix in Edit View. You can then trim the beginning and end (highlight the part you want to cut out, then Ctrl+X).
If this is too elementary, ignore the parts you already know how to do. I'm just trying to be complete

.