My subjective guess is it was acting as an ultrasonic filter, so yes, an LPF of some degree. I had no measurement ability at that point, this was well over a decade ago. I don’t think it was applying any broad-band attention as basic human psychology always selects the slightly louder component on an A B dem (assuming it isn’t driving a system into clipping or limiting), hence some dubious dealers being spotted riding the volume knob on occasion. I did like the Spectral lead (an MI-330) subjectively on a digital source, far less so on analogue. I was always suspicious of it though, there is just no logical reason for passive components in a cable unless one it trying to filter or EQ something, and in that case there are better ways. I personally avoid any EQ (again I don’t want any unnecessary crap, be it passive, active or digital, in the signal path), but do very carefully set stuff up with regards to position and turntable parameters, plus I use valve kit so a lot of final taste-tuning can be done by tube-rolling.