the best settings for me over hdmi or optical to my receiver seem to be wasapi mode, no upsampling, no normalizer (just replay gain) and to have my windows sound card settings at 24-bit 44.1khz... if I have it at 48khz I find it muddy and resampling in the player is even more muddyer better off just using directsound with 32-bit upsampling...
when im going through to a USB DAC that supports ASIO is it a bit diff tho depending on the hardware... I don't use ASIO4ALL its junk