I have a Hugo TT. It should sound unbelievably good. imo you don't want or need any DSP or volume control. The TT supports up to 24bit 384kHz audio via USB, so there's no need to do any mapping, and the volume control is part of the DAC so there's no point preceding it with another one. You might as well leave the Output Format box unchecked. The simplest way to check that your MC settings are not doing anything is to look at the little equaliser icon in the top bit of the main window at the right just under where the track details are displayed. This should be blue, indicating MC is making no changes. You can right click it to see what the audio path is and what the bit rate of what you are playing is. In addition make sure you have disabled MCs volume control or that the volume is at 100% as somewhat contentiously MC regard their volume control as not making any changes (even when it is set to 0).
Another possible explanation for your poor sound is that you have in some way messed up your ripping, which is why you are getting a worse result than the cd. Again the audio path window will tell you what is going on.