Thanks for posting this Steve.
For me, I keep the -20 Ref Level all the time (as you eluded to and demonstrated). I find adjusting the INPUT Volume Level at 0.0db, or -.5db or -1.0 to my benefit.
My other constant besides the -20 Ref Level (7 or 8 volts of output as you stated), is having my CSP3 adjusted as listed below in my signature.
10 of 10 for Input tube & 8 of 10 voltage for Output tubes.
It make my CSP3 sensitive to Volume SPL increase between 20 an 40%.....but it oh, sounds so good....deep stage and density!
Also, listed in my sig below....note: Volume output SPL adjustment for my ZMA....very important for riding the gain!
Good example is Lee Ritenour's 6 STRING THEORY. 15 Songs of varied recordings/Artist's. Thank god, recorded by my favorite DON MURRAY (Recording Engineer-not the Actor).

Using the -.5 an -1.0db decreases the INPUT volume from my Transport and I use 60 to 70% of usable Volume on ZMA (-20 REF/ZDSD & 20 to 30% Vol SPL CSP3).......songs 5 an 6 of Neal Schon & Slash and Lee & Neal respectively, are all so right in timbre and dynamics! Just that -.5 or -1.0 decrease takes care of the "hot" presentation to shear beauty!
Then, back to 0.0 INPUT Volume (taking all in from the Transport) for the delicacy of George Benson on track 7 and swinging it with Joey DeFrancesco on track 8. Because, these tracks are even better recorded.
ROCKING the ROOM at 86db to 94db SPL....all so good (my Adagio's are freakingly good)!
I find as mentioned above and listed below (why I put it in my signature-because it is so important to use)...................indespensible.
So, once again Steve, thanks for your Output Stage Transformers on this great adjustable DAC and your Voltage Output on my CSP3 at 10 and 8.......and adjustment to ZMA.
Impedance matching you CAN'T GET with other GEAR!
http://www.amazon.com/String-Theory-Lee-Ritenours-Six/dp/B003K025TQ....this disc.....every song is a masterpiece....you just press PLAY.
Listening Room:
Room Treatments from Michael Green & Home Brew
Sony as Transport (DVP-NS57P)/Sandwich weighted for Isolation
Illuminati D-60 Digital Coax IC
Shunyata Ztron Alpha Digital power cord
Decware ZDSD DAC / Recorder (@ -20 Ref Level, 0.0 Input volume and @ 16/176.4)
{also @ kept/-20 Ref Level & -.5db or -1.0 Input volume Level}
WBT-0102Ag RCA Kimber Select KS1030
Decware CSP3 w/Jupiter Caps (NOS/Platinum/Telefunken 6922/E88CC .....for Input Tube)
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10 of 10 for Input tube & 8 of 10 voltage for Output tubes
Volume adjustment used at 0 to 50%
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WBT-0102Ag RCA Kimber Select KS1030
Decware Zen Mystery Amplifier
***NOS/Platinum/Ediswan's CV2492/6922 in my A12 an B12 positions***
ZMA adjusted at 50% to 90% of Volume
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Kimber Select KS6063 Speaker Cable 8ft WBT-0681-Ag Spades
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Acoustic Zen Adagio - Black Pearl (Modified)
Acoustic Zen Adagio's x-over's Modified/Full Range with Mundorf MCap Supremes-single Cap to each Tweeter/4.5k cross
(Gutted: 3kHz/18dB/Octave, Linkwitz/Riley Crossovers....with all crappy parts = gone)
XLO Pro Power Cords to CSP3 an ZMA
PS Audio P3 Power Plant / Pangea AC-9SE from wall to P3
(Transport, ZDSD an CSP3, Regenerated/120 ~ Multiwave off...ZMA on High Current Output)