Mitch, a GOOD graphic equalizer would probably serve an audiophile well.
The only trouble is that I've tried a few when they were more in vogue, and the results were always less than good. They simply took many good things away from the music (dynamics, slam, liquidity) and added just as many bad things (noise, distortion, harshness, brightness). I loaned a friend one about a month or so ago, with the proviso that if he liked/loved it, simply consider it a gift. I told him to expect poor results. We talked not even a day later, and he let me know it was utterly awful.
This sort of goes along with my opinions on preamps, I've yet to hear one that sounded better than no preamp. The best of them still do what I just described, only to a far lesser degree. Of course, anyone spinning vinyl or needing to correct other flaws certainly can make a case for using a preamp.
It would be interesting if a company offered a GOOD graphic equalizer. I'd be game for an audition. The Cello units from the past were supposedly on that level, perhaps someone can chime in with what their impressions were of them, as I have never heard one.
When Jadis introduced the Orchestra Reference, they were making a statement in the way of tone controls. It took some guts, but they aren't a company that with the herd mentality. They haven't put them into anything else in the product line, and have since introduced another JOR model sans tone controls. I will say that I found them worthwhile, and was not afraid to be considered part of the great unwashed by having them. I liked them a lot, and they often came in handy when the wife or friends wanted to hear some boom boom woof woof ala what the rest of the world considers good sound.