Question about Tone Controls + Equalizers


So I wanted to get opinions on Tone Controls.

I listen to all my music including LP's with Tone Controls defeated.

Why do I do that, you say? Because when I started on this journey I had the impression in my mind that in order to be an Audiophile, you have to listen to all music in it's purest form otherwise you are degrading the sound (I know, a very novice and naive mentality). 

So my first questions, do you all listen to LP's with tone controls on or off (if you have the capability in your system)?

My second question is about equalizers and in particular the Schiit Loki. If you have Tone Controls in your system, is adding a equalizer or tone control system useless or does it interfere whit your built in Tone Controls? Would you have defeat the Tone Controls on your own system in order to use the Loki or could they work with each other? I am not sure.

Do you all think a device like the Loki could possibly help fine tune your system sound? Is anyone using it in their own rig with LP playback?

That is what I would use it for, LP Playback, if I ever got the Loki or anything similar.

Thanks
128x128jay73
Copied from a previous reply - Tone controls are mostly a "feature" of cheaper amps. They help boost or tune the sound to compensate for system weaknesses.

Some high end stuff has them too. Top of the line Luxmans from the '70s for example.
You can use them to overcome recording weaknesses also, as opposed to supposed "system" weaknesses.

Analogue tone controls must have both a resistance and a reactance (capacitance or inductance). Both of these are imperfect devices unless you spend very big bucks (think radio station and vacuum capacitors). Unless your tone control costs six figures, it must introduce distortion.

Digital has its own problems, but I don't use that technology (don't like it), so I can't give you chapter and verse.
The OP was talking about LP playback. Many of you recommended DSP. That means digitizing the LP playback in order to manipulate the signal digitally.  Why would you do that? Use a digital source if you want to use DSP. Use analog tone controls or an equalizer if you are starting from an analog source. If you like the sound you get then don’t let others tell you it’s a bad thing. Try the Schiit. You can return it if you don’t like it.
I use a soundcraftsman octave equalizer in my system. It is 80's analog, but it gives me the ability to adjust, albeit imperfectly, for a given recording/signal source. Cassettes tend to be a little weak in the high-end, while some vinyl is overly heavy in the low-end. Having an equalizer allows one to smooth out the frequency that is heavy or light. The best way to think of it is it makes you the recording engineer and allows you to adjust the material playback. 
How you adjust it is entirely up to you and your ears.