i dont know anything about your specific headphones or the creative alchemy software. but i can speak about thief with newdark 1.27 that you are using:
firstly, stereo sound is the baseline level of sound support in thief and in the audio apis it supports. there ought to be no problem with basic stereo sound, hardware acceleration or no. you can use the speaker test menu option that plays a full left and a full right sound to test this. i am guessing that the apparent mono sound you were getting is a result of some setting in creative alchemy that was trying to do something smart with the audio instead of just letting it be bog standard stereo.
the EAX support within thief itself, toggleable from its sound options menu (but greyed out if it does not detect support for it), is for reverb effects only, from the old EAX version where there were a couple dozen reverb presets that games could apply to their sound output. this is only functional in the game if enabled and turned on in the sound options menu, as otherwise thief will simply not set the relevant parameters. i dont know what the EAX setting in creative alchemy is doing, but from what you describe it is not the same thing, and does not sound like it would be driven parametrically by thief.
thief did support 3d positional audio, through both the long-obsolete audigy a3d api, and through directsound. newdark is usually running on directx 9, in which positional audio was no longer a whizbang feature that microsoft trumpeted, but it still supports it if your audio drivers do. when hardware acceleration is on in the game options, the positional info will be sent to directx 9, so if creative alchemy and/or your headphone drivers are capable of using that info, you should be hearing it.
the final option with newdark (that was not present in original thief) is to use openal for audio instead of directsound. if you have openal installed, a secret, third option becomes available when you toggle the hardware acceleration menu item, “OpenAL”. (openal itself is fully software based, but thief doesnt need to know that!) with openal, thief will support enabling EAX in its menu for reverb effects. and openal itself can be configured to use the 3d positional info: possibly for multichannel positional sound like 7:1 headphones, although i have never had any such devices to know for sure; but it does support 3d positional audio over ordinary stereo headphones if you install a suitable hrtf definition and mess with settings in openal.ini.
i dont know if any of that is really answering your questions, but that summarizes the state of audio support in thief these days.