Deactivating midi effects will send individual note-off messages for whatever notes that specific effect is holding, but it will not send an "all notes off". You'd need to ask ableton or experiment more with different midi plugins to get a fully accurate description of their behavior when activating/deactivating.
If you're willing to run midiyoke and midiox, you'll be able to view midi messages as they are transmitted, which will be very useful in diagnosing this problem. It'll tell you if ableton is sending the wrong message or if your synth is simply not receiving it.
ALSO: This is huge, make sure to go to Live's preferences and and under MIDI ports, expand each port (small triangle to the left of its name. it's sorta hidden.) and change port type from DirectMusic to MME! This resolves alot of midi transmission issues, including missed messages and high latencies.
MidiOx allows you to send all-notes-off messages, as well as the most elaborate panic button i've ever seen. This should help until we track down the bug.
Are you using the latest midisport drivers? (dated 12/31/2007)
Studio Electronics doesn't put their manuals online

you'll have to track down the midi implementation chart yourself.