I have been experimenting with this lately. I generate binaural tones in Audacity by changing the pitch in the right or left stereo stream to create the third beat frequency. I use the reference guide on lunar site for a reference guide to brainwave frequencies and effects of targeted frequencies.
Usually it sounds fine over speakers too. Sometimes I test both mono streams without panning first to make sure it sounds good on both, and then pan them and make sure it works there too.
It's cool stuff.
I am always open to learning more.