No,
208 "PGM OUT"---------------->3340 "LINE IN"
3340 "OUTPUT"--------------->208 "TAPE IN"
These are all rca jacks looking at the picture. You select on the board what input source you are using. On the board the choices are going to be mic, line, or tape. You'd choose tape when you are listening to what you've already recorded. You use the mic or line inputs for mic or line level input sources. The term "line" simply refers to a line level as opposed to microphone level signal. Note you can't plug a guitar directly into 208 line jack inputs, the impedance of the guitar is too high and hte signal level too low. You could plug a synthesizer, or any other "line level" device in there..
E.g.
Mic into XLR jack 1 ---> select mic in ----> "assign" to program buss 1 (PGM OUT #1) with teh 3340 in record record something.
rewind, switch the 208 to tape in, play back and listen. You have two sets of program outs so you can either use you program bus or your stereo buss for listening to/mixdown to. It is prob better to use the buss out for mixing as you go through one less summing amp. You can probably take that stereo out and send it e.g. to a tape or aux in on that hifi receiver you have in the background for stereo monitoring.
Why don't you post a pic of the front of hte board.