Using my Kenwood SM-230 station monitor, I have in fact observed natural speech asymmetry with the TS-850 using analog modulation which is absent when using the DSP-100 or the digital modulation in the TS-950SDX. I'm using a Behringer DEQ2496 for equalization/compression which is fully digital, but it still seems to be preserving the asymmetry. The TS-850 modified for AM also has much better frequency response in analog mode, up to 10Khz compared to 6Khz in DSP mode.
I like to run the audio to the TS-850 through the ACC2 port, the same as I do with the TS-950SDX. (This lets me use the same isolation/matching transformer and cabling setup with both rigs.) I immediately noticed a phase inversion the first time I used it this way. Curiously, this same inversion is not present when I turn on the DSP-100 unit and it doesn't seem to be present when using a regular MC-60A desk mic via the front panel mic plug either. Luckily, the MIC2200 mic preamp has a phase reverse feature to compensate for this. (When I realized that the DEQ2496 could also provide phantom power for my mic, I thought maybe I had wasted my money on the MIC2200, since that was the main reason I got it. Turned out to be worth it though.)
I looked at the Inovonics 222. Although the BW Broadcasting DSPXmini-AM is digital and more expensive, it has a couple of advantages in my view. The asymmetrical clipping feature has greater range (150% positive/100% negative peak ratio), it has factory and user presets, and it has XLR jacks for its analog inputs and outputs where the Inovonics unit looks like it just has a bare terminal strip on the back. Okay, so I prefer plug & play -- sue me.
I haven't made up my mind yet, though I happen to have the money in my piggy bank for the BW Broadcasting unit, so... we'll see.
Also, I'm glad to hear you're making progress on the outboard AM modulator. I was wondering how that was going. I guess I shouldn't be too surprised you decided to go the tube route. Looking forward to hearing the results.
-Bill, N1GPT