I feel it is:
Participation, exploration, certification, teacher enrollment, and residential enhancement are:
i) A <less independent dials to turn up and down> but
ii) B <interacting ingredients in a recipe for online and residential advances in learning>
So, the sentence is saying
Participation, exploration, certification, teacher enrollment, and residential enhancement are not A but B.
In this sentence, what is being debated is the goal of "online and residential advances in learning". Towards this goal, Participation, exploration, certification, teacher enrollment, and residential enhancement all "interact" with each other, and cannot be looked at or controlled in isolation.
From a GMAT perspective, I would have liked a "are" after "but". That would have made the sentence much clearer.
Any thoughts from experts?