I had a small USB sound card device that also was defaulting to setting of 2.0 vs 5.1 with windows 7 when using default windows drivers for this device. I was able to fix it by locating the driver on the mini CD that came with my device and go into Device Manager and then locate this USB audio device and then telling it to use this oem driver instead of the default and that fixed my problem. ( Just have to be sure to use the Win 7 32 or 64 bit driver that matches your OS. ) Some discs are structured easily with folders like a root folder of drivers, and then within that you find sub-folders of 98, 2000, xp, vista, 7, 8 However some make you dig for them. And in some cases you have to use an older driver and cross your fingers that it works. However; if you cant find a Windows 7 32 or 64 driver for this device, I'd check the mfr's website for this device to see if they have a newer updated driver. If this device is like the USB audio device I have that was made in china, the drivers are nearly impossible to find online and the CD is the only option.
The problems you have now are probably because the device was connected before the CD was run with the drivers/software and so Windows has associated this device with a default driver satisfying this device. Trying to run certain drivers after the fact will malfunction by not applying if they are designed to not look specifically for this device but instead for a device that is unknown to windows ( essentially driverless ) to target and then apply the driver to.