The tape out is probably to feed a muti track taperecorder. If you have only two, they're probably placed beside a pair of phono plugs saying "Tape in" and is for a normal taperecorder rec/play
The inserts are for inserting effects in the top of the chain, it uses stereo jacks, one side to recieve and one side to send. You can tap signal to your taperecorder from them, by inserting a mono jack to the first click - don't push it all the way, that will close the track.
bizz