Setting DELAY and FDBK to 7:00 will turn off the delay.  A common source of confusion is to turn off only the delay, which will give you a resonant/flanged sound (by design).

Setting the dynamics recovery time (shift-HI) to 12:00 will turn off dynamics.  At that setting, the dynamics threshold (shift-LO) will not have any impact, so you can choose a setting based on your instrument and playing style.

The default settings for the reverb/delay BALance is 1:20 and modulation RATE is 1:30.  Those settings generally sound good, but they are not critical and you can set them to taste.