Have to say I am pretty content with my VALAB 3.0 even with the reclocked SPDIF input. My interest is also out of my curiosity about how reclocking circuitry works.
Why does the Chameleon play 96/24 were my VALAB will only get to 48Khz? Anything higher and lots of distortion, but I can hear the music. When you say "termination" what do you mean?
I am speaking of the I2S termination at the DAC chips. There is a transmission line effect with I2S depending on length and impedance of the cable/board trace combo. The I2S bus is set with resistors at the DAC chips for overall proper impedance load. Its actually more complicated than that but that's what I know. I cheat by playing a 96/24 music file and keeping changing the termination resistors until the popping and clicking stops. Once you have the correct value replace them with surface mount resistors. Without a scope and proper training that's my best advice to the DIY'er.
There is no set standard like 75 ohms for Spdif.