AM Modulation appears to work correctly. The CW Frequency (carrier wave) places the carrier at the correct frequency, the Frequency sets the modulation frequency and appears correct. Depth works as expected.
For FM modulation nothing appears to work as expected. I'll connect to a spectrum analyzer tomorrow to see what is happening. It's very strange.
The version numbers of the software keep incrementing , so I'm assuming the bug fixes are cumulative. Helping to report bugs and beta test the software I'm very sure will help everyone in the long run.
So FM modulation appears to be cutting the CW Frequency in half , so 10 Mhz becomes 5 Mhz carrier, 20 Mhz becomes 10, etc. AM doesn't have this issue, it works fine.