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You can only restore a 32 bit file to an undistorted waveform with clip gain. It is not possible to do this with a 24 bit file. Clip gain can make the 24 bit file lower in level but the waveform will still be clipped if it was clipped in the first place.
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Well, doesn't that depend on where the clipping occurs? In the converter or when processing in Pro Tools (post converter)?