often wondered if it could be improved by bypassing the volume pot
Sorry, kind of late to chime in:
Surprising, there are some of you unaware of the flexibility this DAC has.
The gen III model`s volumne pot can actually be removed out, by turning it fully clock-wise, provided there is another volumne knob downstream ( a preamp).
I have the FX Tubed DAC III as my go to headphone rig, and have used it as a standalone DAC, using the method described. By the way, this method was suggested to me by Underwood Wally.