This is an FFT analysis of the wav file with white noise. It's only 5 seconds, so it's rough.

Equalizer settings when I performed the convert. I put the settings all over the place to better see the effects.

... and the output.

I was hoping for smooth transitions between frequencies, but that is definately not happening. The transition is very abrubt. It's much sharper than it appears in the FFT analysis, due to the 1/6 octave smoothing. I don't know if such a sharp change in gain will cause other types of distortion, and I'm not familiar enough with Speaker Workshop to find out.
I've been on the lookout for a smooth freeware equalizer for a long time now, but still haven't found it. If anyone knows where I can find one, please let me know.
Dan