Well was wondering if I was missing something there. Even if you compare bits in to bits out via a loop through analog with the clocks locked together you can get enough timing error to start corrupting results. A meter of cable connecting the two causes something over 3 nanoseconds of time difference which will effect higher frequencies enough to be out of the noise floor in the residuals.
You can time compensate after the fact in the digital domain. Software to do this exists. Programs such as Diffmaker may not have the resolution needed, but one can get more resolution by burning more computer cycles (time and electricity). But as I suggested, if one is concerned with the digital portions of a DAC, such as the modulator. one can do this testing entirely in the digital domain. This has the further advantage of not having any analog gear with the opportunity to confuse results if one is looking at the performance of purely digital algorithms.
When I tested Reefman's modulator I took his code and translated it into Python and then ran a simple program that did various low pass filters (including brick wall at 22.05 kHz) to generate the output of the DSD "DAC" so it could be compared with the input to the modulator. Given that the modulator failed badly on DC it wasn't even necessary to do any time compensation. If one tests with sine waves that are computer synthesized one can generate these with any desired phase shift using math library routines. Here one searches for the best null for a given frequency and if this is bad it proves the modulator is no good. With music signals more complex processing is required if one needs to take into account sub-sample delays, but my software was so far from real time that I didn't get involved with this back when I was playing around with this modulator.
In the analog case one must compensate for cable delays. One can deal with sub-sample delays by making the cable delay be an integral multiple of the clock rate plus a desired offset for a fractional part and then use a shift register to make up for the integral difference. I'm not serious about this approach, but it can be made to work by careful adjustment of cable properties. The following story illustrates one aspect of this approach. We were trying to measure the performance of a fiber optic receiver before we got our phase lock loop circuit working, so we had to make sure that the delay at the receiver was exactly a bit multiple. We could watch the transmitter and receiver signals on a scope. When things drifted out too much we started getting bit errors. We couldn't understand the source of the drift. We thought our oscillator was drifting and so we slaved it to an atomic clock that we had used in an earlier project and was lying around in the lab. In the end, we realized that we had built a thermometer using more than $50K of test equipment. The fiber delay was a function of temperature. If we had wanted, we could have fine tuned the delay by using a light bulb and a dimmer to control the temperature of the fiber.
I think this discussion is off topic for this thread, but I'll be glad to discuss it further with you off-line or in another thread.