Hi as was stated before, the head configuration is wrong. The 3340 in it's various versions was designed for 4 channel 4 track recording on 1/4" tape. That is 4 tracks one direction, 4 sets of electronics. It's smaller brother the 2340 was 7" reels and 7.5 /3.75 speeds, but you are correct that the 3340 will take 10.5" reels and run at 15 ips. But those are only 2 of the requirements for Tape Project tapes, the IEC/CCIR equalization can be accomplished with a direct head output to other electronics or possibly modifying the Teac electronics, but you WILL have to replace the play head with a compatable 2 track 2 channel stereo one. If you try to play a 2 track tape with a 4 track head it won't be in alignment. You could change the head height so 2 of the 4 tracks are centered on the 2 tracks of the 2 channel tape, and indeed some early stereo machines had a mechanical switch to do so, but the results are not optimum for such a premium high fidelity medium as the Tape Project tapes (or any other standard 2 track 15 ips. master tape) I don't even know if you could shift it mechanically that much within the constraints of the head and mounting system design. The 3340 in short, is half a solution with extra baggage in terms of another set of record/play electronics, sync switching etc. you don't need for this application. At least find a deck with a 2 track stereo play head that runs at 15 ips and takes 10.5" reels, then all you will have to deal with is the EQ issue.