OK, loaded the Creative drivers for SB Live and got a 12dB disparity instead of 8 with the generic drivers
Frustrated I started putzing around with the settings and it made no change. I then hit the CMMS button, which was off and the level didn't change. I turned it off and poof, it shot up to a 2dB difference. The calibration file also looks better. Someone else give it a try and see if it was a fluke. Make sure both knobs on the soundcard are maxed out.