Nick I'm pretty sure you have the correct mental picture of the way Marco's attenuator is now wired, IMO.
One series resistor followed by a varying number of the string of resistors on the attenuator switch as a shunt to ground.
I'm wondering if the 'sweet spot' referred to is just the position that is high enough above the noise floor but low enough not to compromise the full dynamic range required for the music.
Very much dependent on the overall gain structure of the system/components, as mentioned.

A couple of posts while I was typing. Has every resistor on the Goldpoint been changed Marco?
Last edited by Firebottle; 04-10-2015 at 17:14.
Reason: Question added
I love Hendrix for so many reasons. He was so much more than just a blues guitarist - he played damn well any kind of guitar he wanted. In fact I'm not sure if he even played the guitar - he played music. - Stevie Ray Vaughan