Hi Klaus
Well, I believe it's pretty much the same technically whether done in TMFX or ADI8QS output trim, a simple * operation. If you are worried about bit depth, you'd have to get the fader down pretty low to start losing audible resolution. But see the point in the 2nd paragraph of the manual extract regarding optimising this range with the switched hardware output level (which is in the analogue domain).
Simiarly for years I have used TMFX with an advanced remote as my monitor controller. What I did was use the attenuation on my mionitors (DIP switches yay, not pots - Thankyou Emes) to lower the input gain on the monitors in the analogue domain. This gets them in the range where my master TMFX fader lives in the range of -12 ~ 0 depending if I am listening to mastered music or working on unmastered material. I actually really like the advanced remotes large flat wheel pot as a monitor control - it sets next to my keyboard and it's easily operated with one finger like a fader.
What all this doesn't buy you is an analogue saftey net of a dim, level or mute if your DAW (or DAW operator) tries to divide by zero. However I have not destroyed my monitors yet despite some spectacular Sequoia crashes. I mostly credit this to the integrity of the RME drivers rather than technical prudence on my part.
Your ideal scenario of the fader directly connected by midi to the ADI8QS is not bad in a crash scenario assuming the ADI8QS is still responding to midi input.
I've had a look for passive analogue monitor controllers, but they are all variations on knobs. Haven't seen any faders.
What about DIY lite? Get a high quality fader potentiometer, and this box (USD 120)
http://www.midisolutions.com/prodped.htm
I had a quick look at it's s/w and you should be able to program it with the ADI8QS's sysex for global (as in all outputs) output volume which happens to be:
F0 00 20 0D 41 7F 20 00 xx F7
where xx is the data byte in 48 steps from 00 to 30 hex.
But the only way to know for sure is to buy it & test it out.
Simon
Madiface XT, Madiface, 3x Micstasy, ADI8QS
Sequoia 17, W10 x64
https://bsound.co.nz/tools-nix