HI Wayne,
I am not an electrical engineer, so please take what i say with a barrel of salt.
It seems to me that if we are philosophically opposed to creating information that is not there (interpolating), then a no-oversampling dac, with very high order filters (11-12-15-20?) may work.
I suspect the reason commercial enterprises don;t sell these is cost. I may be wrong...there be something else to oversampling. On a qualitative note, I have talked to people who sell the inexpensive ($500-1000) non-oversampled DACs on the web, and to a person they either :
a)refuse to take credit cards or
b) entertain returns or
c) sell kits that are non returnable.
The goal may be to create a DAC with non oversampling, that will have a very high order filter, and also a great analog output stage.....
hmmmmm
does audio note do that?