Equalizers-Using to compensate for hearing loss

Several months ago I was active on several forums regarding age related hearing loss and the use of hearing aids. Because it's common for listeners to start having some deficiencies as they get older and because I've had experience dealing with this issue, I thought that I could offer some useful advice. After I was fitted with good quality hearing aids i got back much of the upper mid to high frequency detail that I very much missed but there was still something missing as regards what I'll call continuity(?).

To compensate for the tapering off of hearing acuity which for me begins in the area of 5000Hz and totally drops off at about 7700Hz, I'm considering the addition of an equalizer in the system. My thinking is that, because hearing aids are little more than sophisticated equalizers, I could accomplish the same improvement without having to wear them.

This brings me to my request for your advice; first of all, I would like to know if I'm missing something or if there's a flaw in my logic. Secondly, if it appears that an equalizer might be the answer, which type and manufacturer is recommended. The little research I've done leads me to believe that the addition of an equalizer will have a negative overall affect on sound quality and that the best ones are quite expensive. With this in mind, I would like to try something that won't break my bank to, at least, do a trial before I commit to a higher quality component.

BTW, my present system consists of, among other things, the hybrid 100W Rogue Audio Sphinx, Shanling solid state CD player and Martin Logan Odyssey speakers.