Maybe, but maybe not. I always used to think that with a USB device like this connected than you lost the ability to use the software gain slider in Audacity. Cetailny this was how my earlier ION iTTUSB behaved and how my external USB soundcard (Edirol UA-1EX) still behaves.
But I am assured by Gale Andrews that with some USB devices and the correct drivers then the Audacity software input gain control will operate. He assures me that his later ION TTs work this way.
He believes that my inability to use the input slider in Audacity is possibly down to the fact that I use my Edirol with the Windows supplied drivers - and that if I installed the Edirol drivers then the slider should work. I am reticent about trying this as my current setup works extremely well and I am loathe to change this - I don’t need the software gain control as I have hardware gain controls both on the Edirol soundcard and on my phono pre-amp (I use the ARTcessories DJ-PreII). I did consider the NAD PP2 (which is the OO£ but without the soundcard&USB) on my shortlist when I was buying, but the lack of gain control put me off. But the NAD certainly looks to be a good piece of kit.
Once you have implemented plan B and got the NAD working with Audacity perhaps you could contribute a brief review of the device in this sticky thread we have re. soundcards that work well with Audacity (which Stevethefiddle started a while back): Sound Card Reviews
WC