Just to clarify the point about over-correction: In my living room, the PEQ corrections were kept within ±4dB, which corresponds to a ±32% change in the perceived sound level. Beyond this range, I would consider the adjustment to be an over-correction. The actual measurements were fairly close to the predicted results. However, even with this, the Wiim still sounds noticeably softer.
I can tell you’ve spent a significant amount of time and effort pursuing a good DAC. With the enhanced Geshelli, I believe you could achieve much better results with a more refined streamer. I’ve been in a similar situation, and I can confidently say that the quality disparity between streamers is often more pronounced than that of DACs. Recently, I picked up a $170 SMSL D6s and found its sound quality to be nearly indistinguishable from the $1,400 Gustard R26. However, the difference between the $270 Wiim Ultra and the $399 MXN10 is easily noticeable.
Here’s a suggestion: Since the Wiim Ultra has both line-in and Toslink inputs, try connecting it to the analog line-out or Toslink output of a better streamer. This way, you can take advantage of the streaming quality while still using the PEQ/RC features of the Wiim. It’s a win-win.