"just set it so the hottest LP signal does not clip, and leave it there"
This was the purpose of my experiment. I was trying to find where this point was on the new equipment I had just bought. I tried different levels because I did not know where that point was on the display. It was by pure chance that I noticed that the one level setting sounded like the CD.
The places where I heard this realism effect I liked were between the songs on the record when everything in the sound was low level. During the song, the effect was drowned out by the music. On the CD, there is much less between the songs.
Well, again, something was wrong 20 years ago with either the technology or the procedure. Done right today (or then , frankly), there would be no such difference. It is certainly nothing inherent to CD or to digital recording.