[Bug]In 1.1 FMOD_ERR_TOOMANYCHANNELS trying to play an SFXFMODEvent

As the title suggests, I've been trying to play an SFXFMODEvent, and I'm getting FMOD_ERR_TOOMANYCHANNELS. This error will occur on several SFXFMODEvents, one of which has 12 channels, and one of which has 2 (simple stereo sound). Sound in itself is working, as it takes no effort to play standard SFX sounds (no matter the sound provider).

OS: Win 7
T3D: 1.1 Final
FMOD: 4.32.5

What I've done is place the fmodex.dll and fmod_event.dll in the game folder, and ensured that FMOD is loaded, and selected as the sound provider. I added the .fev file through File > Add FMOD Designer Audio, and ensured that the .fsb files were present in the same directory as the .fev and .fev.cs files. I then used the following test function, which should ensure that the SFXFMODEventGroup's data is loaded and then play the file:

function fmodTestFunction()
{
   if(fMusicTest_Music_Victory.isDataLoaded())
   {
      $fSound = sfxPlay(fMusicTest_Music_Victory_Victory);
   }
   else
   {
      if(fMusicTest_Music_Victory.loadData(true, true))
      {
         $fSound = sfxPlay(fMusicTest_Music_Victory_Victory);
      }
      else
      {
         //error messaging here
      }
   }
}

Within that function, echos show the second sfxPlay() function being reached, so the data loads. I've tried other loadData() parameters, but none have worked (false/true will make the data fail to load). This has been tested on two different projects (T3D 1.1 installs in separate folders), to make sure that it wasn't just the current project exe that is screwing things up.

Am I missing something about SFX FMOD workflow? Or is this system just borked?

Thanks in advance for any help/insight that can be provided!