My first thought, though not necessarily correct, is that I wouldn’t do it that way. I’d have a direct connection from the DAC to each of the amps for the shortest possible route to each amp when you don’t want a preamp in the chain. Then I’d connect the preamp out from the Envy to one of the inputs on the HM1 and the same from the HM1 to the Envy. This way you only ever have a max of 2 amps in the chain; in your scenario you go from HM1 to Envy and then back to HM1 and that just doesn’t seem right to me. Maybe I’ve misunderstood something but that’s my first thoughts about what you’ve written.