Thanks for you help Matt
I've got in touch with audio-gd a couple of times since our initial discussion, and am still waiting for a response re ASIO, when they do, I'll see what they think about getting in touch with you directly.
In the meantime, I downloaded foobar2000, and the wasapi and kernel streaming plugins, tested using KS and wasapi (event), and strangely enough both work fine with 32 bit output.
So I can only assume we will get there eventually in MC too, and that the limit is not wasapi specific, but differences in the implementation somehow.