That is what is referred to as a “Reese bass” sound. You can find many, many tutorials on YouTube on how to make it, many of them focused around Serum, but once you see some examples, you can translate the techniques to whatever you have available (which you don’t mention). Also, that’s not side-chaining, it’s modulation within the sound itself.
You can reset specific controllers by sending your chosen values -
CC07 Volume 100
CC10 Pan 64 [zero is hard left, centre is 64]
CC91 Reverb 40
CC93 Chorus 0
There is a Reset All controller 121, however it specifically avoids resetting FX params, so won't be useful to you in this case.
The accepted method to reset everything before playback of a new GM song ...
Sure, you are going to be mastering at 44.1kHz or 48kHz so it makes sense to capture at those sampling rates. The space difference is negligible and you will need to sample rate convert at some point anyway, doing it during the record makes the process easier.