Stay on line in with the R4, and consider using -20db inline pads on the way into the R4. The problem arrises in how the levels on the V3 are represented visually and what it's pumping out are not the same.
Read here for more info and a handy graph (seriously, I should bookmark this, I've had to reference it at least twice in the last 2 months). You'll need to look up what the max signal is on the R4, but I bet it's around +4db.
the part of your quote that I bolded isn't quite true. The meter on the V3 is a very accurate representation of the digital levels after the signal goes through the V3's A/D. The problem is that each A/D converter has a different sensitivity (i.e. different analog levels are required to get to the same max digital level, 0dBfs). So when you send an analog signal out of the V3, you can't solely rely on the V3's level meter, because the digital levels you get will largely depend on whatever A/D you are using (in your case, the internal A/D on the R4). The table in the link above is a good reference (and straight from the V3's manual). However, it is also not fair to say that in all instances, the V3 has to be run much lower than normal. in this thread, for example:
http://taperssection.com/index.php/topic,80074.msg1066556.html#msg1066556you can see that running analog out of the V3 into a 722, the levels can be calibrated such that the digital levels from the V3 match exactly the digital levels on a 722 when running analog out of a V3.
All that said, what you need to know is what the max analog level is on the R4, when running line-in. The specs in the R4 manual say this:
Line Level: -33– +4 dBu
based on those specs, and the table from the V3, the V3 will output a +4dBu signal when the second green LED comes on. This is the LED that corresponds to -21dBfs for the V3's own digital levels, which is very low. So, your options are: (1) run the V3 analog out to the R4, with no attenuators. keep the V3's levels very low, below the 2nd LED light. or (2) use a -20dB attenuator. with that in between the V3 and the R4, you'll be able to output a max analog signal of +24dBu from the V3, which will then be attenuated down to +4dBu before it gets to the R4. The V3 outputs a +25dBu signal when the V3's A/D clips, so as long as you stay one dB below clipping on the V3's digital level meter, you'll be fine on your R4 levels.