I don't like the analog Volume Control wheel in its actual form. Because the Physical wheel and the Software Mixer Master Control are serialized and one can't control the other.
What about an infinite turnable wheel (like the one that can be found on a Mouse ) that just sends the digital Signal to decrease or increase the Volume.
The digital volume value of the wheel or the software Mixer could be parallel processed by the AudioAmp and there is no Lag if the System is maxed out because the CPU is not involved.