@mike thanks for the explanation, much appreciated.
@Casey When I tested the output of the console oscillator (reference level) at the patchbay, I got a slightly higher reading of 1.3. When I take it off of reference level and use the variable level tone, when I adjust it down to 1.23V the console LEDs are spot on and the analog VUs are are - .5 vu. So maybe the only problem is my OCD : ) ... I just want them to be spot on and I want "reference level" to be spot on as well. Thanks for your comment Casey.