Where do these dynamics that you don't want to loose come from? Are they generated in the preamp? If so, how do you imagine that is done?
The impact on sound that changing the gain/feedback switch is just as one would expect. More feedback, more damping, less distortion, less noise. What do you hear when you change the switch? That's all that matters.
If you have a speaker with a rising impedance in some region you will experience more acoustic output in those regions as the feedback is decreased because the output impedance of the amp rises so as to follow the impedance curve of the speaker. Some years ago, a fellow brought over an OTL he had built which had little damping. I measured it and it was around 1. When connected to my QUAD 63's the bass was up 8 db at 50 Hz. I measured that too. The treble was down by about as much making the total frequency response error 16 dB from top to bottom. For someone who didn't know what was happening, he might ascribe this new sound to the new amplifier saying "Wow, great bass, great bloom, those speakers aren't bass shy anymore" Would he know that 99% of what he heard was simple frequency response error generated by the amplifier-speaker combination? Would he know that the response of the speaker was nothing close to how QUAD had voiced it? This fellow who made the amp said "one of my owners has 63's and he loves them with this OTL".
The RM-9 damping is given in the manual and its a lot better than 1. From memory it is about 20 in the lowest gain setting and one third that in the high gain setting. I am avoiding the "fxxxback" word by noting the gain difference. They go hand and hand.