I apologize for not posting an update to this thread. I seem to have posted on the AudioAsylum thread, but forgot to post here. The culprit was the one thing I never would have suspected - the Sennheiser Adapter for the HD-600's. Once I replaced that, everything was fine.
As it seems that the ELAD neither adds or subtracts very much from its source signal, it has been somewhat helpful in comparing a new CDP that I recently purchased against my existing player. It seems to drive the Senn's pretty well, as I do not go above 12 o'clock on the gain (volume) switches.
Listening to the ELAD as a headphone amp raises some interesting questions. If you are into purity, the ELAD seems to be the thing. What you play is what you get, only amplified - something that many look for in a preamp. While I appreciate this school of thought, and know that we often pay big $ to get equipment to do this, it can be a bit anit-climatic depending on your source and music material. Great material played well sounds great. Poor or marginal recordings can be a different story. Makes me stop and think what I really want before I purchase equipment.