Bruce, your suggestion is a novel one offered in the face of necessity, and I agree that it is a good one. I myself have no qualms about, gasp, dialing in some bass equalization when it is needed. I also agree that being able to defeat any equalization is also a desirable feature.
What irks me is that we have to cook up work-arounds like this because the audio industry, in their ongoing orgy of greed and stupidity, has failed us so miserably as consumers. The references to the availability of EQ on gear such as Cello and Accuphase convinces me that EQ is not an inherently inferior thing. The fact that such a basic feature as tone control is only available on such astronomically priced equipment is what raises my blood pressure.
I've heard this "straight wire with gain" crap from so many dealers and have seen it promoted so frequently in the audio press that I think many have simply accepted it as fact. IMHO, this is an excuse invented by the manufacturers for deleting tone controls from most gear. After all, including this basic feature at a reasonable price would require careful design and execution. Why not perpetuate illogical hooey instead, operating on the premise that consumers are so stupid that they will not only buy it, but help perpetuate the myth? This way, you can include this most basic of features on only the most exclusive gear and charge obscene prices for it.
I honestly believe that this is how the majority of high-end manufacturers think and operate. It is also the reason that they have nearly killed the high-end market. If you doubt what I say, try to imagine what PC's would be like today if they were made by high-end audio manufacturers.
Rather than 128 meg of RAM we would still have only 64K, and 20 meg hard drives would be the norm. But these devices would run so well because all internal connections would be gold plated. Our printer cables would cost $2000 because of the claimed superiority of their super-hetero-hedron-hyperlitz configuration, and our CPU towers would rest on some queer pucks that had set us back $200 for the set. And can you imagine the groovy gold anodized casings that all this gear would come in? OOOh, what if they could go back to using vacuum tubes as well? I think that you get my point.