-Chris,
Your 3.5 Ohm reference point says that you will have 3.5 ohm resistors in parallel to the 120 Ohm (MINIMUM at 20 Hz) headphones. In effect you have turned them from 120 Ohm headphones into 4 Ohm speakers. That can't be right.
In my case I used 12 ohm resistors because I was using the x0.1 factor. It would seem that you are doing a 0.029 factor. That can't be right.
http://home.t-online.de/home/meier-audio/index.htm
If they are 120 ohm resistors in parallel with 120 ohm loads, that would be a final 60 ohm load (R1*R2)/(R1+R2). But if they are 120 Ohm resistors in series that would present a 240 Ohm load to the amp. In this case the attenuation factor is 0.5
Hey, graghs don't lie, right?, but your graph sees to indicate that there is more bass and treble presence at stock impedances. hmmm. That can't be right.
So the Z you are reporting is for the amp output. In which case you are now driving the K501 through 120 Ohm resistors in series for a total of 240 Ohms.
The only thing you then have to worry about is damping factor - the higher the better. Otherwise the bass may start to sound muddy and slow and bloated.
With the greater bass and the greater treble and with the same level midrange levels you should perceive a more recessed midrange (overal tonal quality speaking, of course), at least relative to before. But since what you wanted was a greater sense of bass it should all even out.
Me, I've advocated about +1.5 to +2 dB at 50Hz using an equaliser.
-wal