You need to separate the issues.
First, without connecting the LA502 yet, setup a sine source on one output XLR of your rack. Check that you can measure it with your AC voltmeter.
When done, you can plug the LA502 in (with the extender) and connect the working source to the analog input of the compressor.
Pin 2&3 of my xlr source read 1.0vac, & .98vac when running through the LA502. Gain fully clockwise reads 26vac, and when set to 15vac the peak knob will not reduce down to less than 1vac. It will only reduce the voltage down to 2.3vac with the peak knob fully clockwise. I tried to calibrate the led’s anyway (revision 1.4) and no -3db light after gain @ 15vac and peak set to 10.6 vac. Could this be because of the peak setting being unable to reduce the current to less than 1vac & if so, where do I start?