For Rec/Play/Overdub I have to press the button twice, which makes
seemless looping a big PITA. Rev and 1/2 speed are a single press
though because they do not respond differently to a 0 or 127 value.
It sounds like your current switch is operating in "toggle" mode, it
sends CC 127 when you press it once and CC 0 when you press it again.
You usually want switches that can operate in "momentary" mode where it
sends Note On/CC 127 when you press it and Note Off/CC 0
when you release it. The FCB and GCP can both do this.
Jeff