Correct. It's a either/or situation. Sometimes KS does not work, the Nuforce Icon for example. In that case you need ASIO. That's why I suggested both.
In my experience, resampling to 48KHz using SRC improved the sound in terms of smoothness and dynamics compared to leaving it @ 44.1kHz. Other resamplers (e.g. SSRC that comes with Foobar) make it sound worse.
PCM2702 operates at 32KHz, 44.1KHz and 48KHz only. I'm not sure if it operates @ those frequency natively or resamples everything to 48KHz.
Duc