I added a very rough trend line from the HF on down. It shows you don't get an average solidly above the trend until bass frequencies. If this is a reasonable indication of direct sound through the mid-high frequencies for that mic location, it again shows I should make the step down lowering the high frequencies even bigger. Going the other way--elimiating the step down by raising the HF up 2 dB would make a big hole in the lower midrange.
Yes, the suck-out visible between 300 Hz - 1 kHz would still be
perfectly audible, though it's arriving later in time (room acoustics) and simply discarded by the set windowing filter. The apparent over-elevation found in the simple steady state FR magnitude graph you originally showed can't be considered as a perfect, direct equivalent translation to what we would actually perceive in person. There is a correlation, for sure, but actual perception of the person sitting in the listening room (doing the EQ calibration) matters more.
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The "rise time" setting can be altered if you click the options gear/sprocket wheel found on the upper right-hand corner of REW. All the other options can be kept within their original default values:
Below are some measurements I took recently of my Fostex 6301 speaker mounted above my monitor screen display which you may (or possibly not) find interesting:
A better FDW algorithm should employ a more adjustable scale and windowing method like what
DRC does. Nevertheless, I think what REW has right now can be enough -- one just needs to cycle through the different settings rather than using only one fixed filter setting.