I've deliberately used a non-specific title to the thread as the tests I've been doing using an R-44 may well be relevant with any comparable device.
It's commonly said that when recording using 24 bits, it doesn't matter if you record with peak levels well below full scale as you can normalise afterwards in your DAW with no noise penalty.
Testing this theory with the R-44 indicates that this may not always be true - maybe it's often not true. I'd recommend testing your setup carefully before assuming that it holds true for your device.
The R-44 preamp gain has eleven steps of 6dB. My test was to record (24 bits) at the maximum sensitivity setting (-56) using a 150 ohm resistor as the source, then record at the next setting down (-50) but add 6dB of gain in my DAW, then at -42 but add 12dB of gain in the DAW, etc etc till I reached the lowest sensitivity setting of +4dB and added 60dB of gain in the DAW.
Average RMS dB values of the relative noise floor for each gain value thus obtained are as follows, starting with the R-44 set to highest gain -
-77.81 : -77.87 : -77.46 : -77.33 : -76.40 : -74.23 : -70.64 : -59.63 : -56.37 : -52.21 : -47.39
Applying those figures to a practical example, say you decide to under-record by three steps of the R-44 gain control. So for instance, if you recorded at the "-38" position let's suppose your recording would have just peaked to full scale. You decide to record instead at the -20 position to give yourself 18dB of headroom for safety, then normalise in your DAW. The noise penalty is 77.33 -70.64 = 6.69dB. If you were a bit less conservative and went for a 12dB headroom figure, the noise penalty would be 77.33 - 74.23 = 3.1 dB.
Note that to keep things in proportion, if we look at the actual noise floor into which we are recording - taking away the gains in the DAW done as part of getting the relative figures - you would be recording (in that last example) into a noise floor of -104.23dB (Av RMS) instead of -95.33dB, then normalising by 12dB - so the noise floor becomes -104.23 + 12 = -92.23dB.
Given that the relative noise level isn't much changed from the -42 sensitivity setting - "noon" - compared with higher gain settings, in the case of the kind of classical recording I do, and using the mics that I do (Sennheiser MKH MS pair), I could probably set the preamp sensitivity and the inner variable gain knobs both to the "noon" position and never bother to look at the meters again - at worst I would be adding about 2dB of noise to any recording. This would vary with others' mics and recording material.
So what happens when you run the R-44 at a paltry 16 bits? Well, the comparable line of figures to the 24 bit figures above is as follows:-
-77.81 : -77.70 : -77.12 : -76.22 : -72.27 : -66.33 : -60.33 : -54.35 : -48.35 : -42.35 : -36.35
Apart from exhibiting larger differences in relative noise floor levels than at 24 bits, at 16 bits the R-44 noise floor exhibits a number of odd features including noise spikes and DC offset in some of the lower gain settings. It would seem to run "happier" at 24 bits. But having said that, all the concert recordings I have done with mine have been at 16 bits, and ambient noise levels even in the most (supposedly) quiet hall I've recorded in have been at significantly higher levels than the system noise, so in practice none of this may matter anyway...
Finally, it's recently been asserted here that the centre trim knob on the R-44 actually controls an analog gain stage just before the AD converter, and I thought it would be interesting to set that to the minimum and record system noise when in theory at least, only the AD converter is contributing to it. The result is a file with all bits set to zero, which rather calls into question the statement that the centre knob is other than digital gain - or the AD converter is noise-free. Hmmmm.
And my point is - if you have an R-44 and you use it with mics plugged in directly, you may be directly interested in the outcome of these tests. If you have another system, you may feel motivated to check out what actually goes on at the various operating levels you could choose to use, rather than making any assumptions about the effect of different gain settings on overall noise after post-production.