Page provided a quick explanation. I was just about to post my slightly more detailed explanation, so I'll go ahead anyway.
Tonedeaf -- I'm surprised you prefer the MT ADC to the V3. I far prefer the V3 ADC, personally. No matter...just goes to show we all have different ears and there's no single solution that satisfies all ears.

If I'm understanding you correctly, you're trying to run the V3 purely as a preamp. So you have mics > V3 > V3 analog out > MT or MTII 1/8" (unbalanced) analog-in. At the TK show, you had both the variable trim
and the stepped gain as low as they can go, i.e. 0 and 10, respectively. And your levels were still quite high, even for a quiet show, so you're concerned louder shows will result in levels from the V3 that are too high for the MTII to handle. Do I understand correctly?
If I understand correctly, it seems your concerns are warranted. The MTII's unbalanced 1/8" input takes a maximum input of -3.6 dBV, or approx. -1.4 dBu (per
M-Audio specs and
dBV > dBu calculator. So, if the MTII's 1/8" input receives a signal stronger than -1.4 dBu, it will overload.
Jason's chart to which Page linked shows that the V3's analog, unbalanced output is -8 dBu when the lowest level meter (-27 dBFS) lights up. The V3's analog, unbalanced output is -2 dBu when the second lowest level meter (-21 dBFS) lights up. So if the V3's second lowest level meter lights up (as they did occasionally for you), you're basically maxing out the MTII's 1/8" input: the V3 is outputting -2 dBu and your MTII only accepts -1.4 dBu. So...no more headroom, and hence your problem.
You might try the balanced 1/4" inputs, but I think you'll run into the same problem. The MTII's balanced 1/4" inputs take a max signal of +4.3 dBu. As you can see from Jason's chart, the V3's
balanced output provides -2 dBu when the lowest level meter (-27 dBFS) lights up, and +4 dBu when the second lowest level meter (-21 dBFS) lights up. Even if you switched to the 1/4" inputs, you'd basically have the same problem: with the second lowest level meter lit up on the V3, the V3 outputs +4 dBu and the MTII's balanced 1/4" inputs accepts a max signal of +4.3 dBu. So...again, no more headroom.
So, four options to consider. Basically, you need to reduce the signal level before it hits the V3, within the V3, or after the V3 but before it hits the MTII.
- Set the V3's input attenuators to -20 dB (if they're not already set). These are internal jumpers, L = J3/J4, R = J14/J15. Se the V3 manual for more details.
- Set the pad (attenuator) on your mics. I'm not familiar with your mics, whether they even have a pad, or how they sound with the pad engaged, but...it's an option to consider.
- You might try the M-Audio -10 dB attenuator (or another in-line attenuator device).
- Learn to love the V3 ADC and run V3 digital out > MT/MTII!
