Feedback on our precious 386 chip

[Steben]

I'm wondering...
First you put no parts on the feedback lugs so you get about 20x gain and use gain in front (fe: fetzer).
Second you use the lugs to have 200x gain.

Is it sane to say (as it is in most amplifiers) that if you shortcircuit the loop there is a non-feedback effect in the harmonics?
I haven't used the 200 gain option so far (why you could ask in a year) and it all sounds like plain semiconducting dull buzz if crancked like my radio. The sound samples on the net however are real nice distortion. I mean: even a smokey sounds better with its just-over-an-inch speaker  .
Therefor: let it free in its gain and use the guitar's volume?