To me it feels like it changes the tone, not just the amount of gain. I have tried this WITH a 470k in front as you mentioned which is basically a voltage divider in front of the pot, so like two VD's in a row. Right now i just have a 100k strapped across the master along with the treble bleed. With the treble bleed there at all times, lifting the 100k changes the tone in a big way. With the 100k connected the tone gets a lot more jangley. Not just more high end, but sorta like the difference between a strat in the middle/bridge position as opposed to a single p/u alone. Has almost that sound like theres a chorus going which you get with bridge/middle, and the tone is springier feeling. Weird. I like it tho. Pot range also doesn't seem to suffer as far as volume, tho on the other hand the amp is so loud it could lose a lot of volume and you'd never know it. I think any volume loss manifests as less output distortion which is fine because you wouldn't be able to get that unless you're playing arenas anyways. But the taper is better/smoother.
As to geofex, i've known about that page forever but it never seems to answer my questions about it,m or at least my tiny brain can't wrap around it. I just wish i could get the main answer tho....do pots work the same with a resistor strapped across them to simulate a different pot value as a pot thats already of that value unmodded?