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My idea was to use that second interface, with a cable ending with a 1/4" connector plugged into a Hi-Z (or "instrument") input, and using an oscilloscope plugin in a DAW
You would be using the inner conductor (twisted up and soldered, to keep it stiff, or solder a solid-core wire as an extension / tip) as an improvised oscilloscope probe.
There's pretty much no chance of damaging anything in the second interface - inputs are usually AC-coupled (ie. through a capacitor, to block DC), and you have the adjustable gain anyway.
We don't care that much about the exact / absolute amplitude of our test-signal, only that it gets through to where it should.
Is any of this making any sense?