you are right about the channel menu if you mean the pulldown menu that shows up in each audio track in either the environment or the arrange window. When I have Max/MSP running rewire, the rewire channels show up between output stereo and aux stereo.
However, the fact that you are getting an error from max/msp means that you wont be seeing that menu until its working. By working I mean that you have logic open, then max/msp and you have audio on while running the ad_rewire driver.
I have been using rewire with logic a lot recently and have found it is incredibly fickle. As you know, you must open logic first, then max/msp. However, I have found that the rewire driver wont run if you so much as switch songs in logic. To get it to work for me,I open logic, open the song i want to use, wait until it is fully loaded and then open max/msp. I switch the driver to rewire (if I have to) and then turn audio on. Its kind of the soup nazi of the audio world. No rewire for you!
FWIW, I messed with connecting Max and Logic via Rewire for about 2 hours one day. It was very frustrating. Then I learned about Soundflower, tried it, and never looked back. It works extremely well, and is very easy to set up. If there's not some reason why you must use Rewire, as opposed to some other form of audio communication between the apps, try Soundflower (or Jack, perhaps).