I did some systematic testing tonight, and I'm fairly certain that the src resampler does not convert to 24 bit before upsampling.
So, using the src plugin, and setting the sampling rate to 96khz:
16/44.1 -> 16/96
24/44.1 -> 24/96
24/96 -> 24/96
16/96 -> 16/96
I used Wave Editor and imported some 16/44.1 flac files, and then exported them to 24/44.1. I then placed the 16/44.1 & 24/44.1 flac files side-by-side, with the src resampler set to 96khz, and did some a/b testing. The 24/44.1 flac files sounded much better than the 16/44.1 flac files, meaning that the src resampler must not be touching the bit rate before upsampling (for if it was, these files would sound identical).
To save space, I was trying not to have to re-encode all my 16/44.1 flac files to 24/96 if I could help it, and instead upsample on the fly. But since the foobar-plugin resamplers don't touch the bit rate, I'm going to have to convert all my 16/44.1 flac files to 24/44.1 so that I get 24/96 during real-time playback when using the foobar-plugin resamplers.
Note that, without the resampler enabled in Foobar, the 16/44.1 & 24/44.1 files sound identical (and worse than both the resampled versions), as they should. It's only when you upsample that you gain anything from increasing the bit rate. But by increasing the bit rate first before upsampling, you gain more than merely upsampling alone.
-Clayton