Richard, I can't grasp what you are trying to design.
On one hand you are chasing sub-microvolt resolution that only makes sense if other equipment is of the same precision range (which means $$$.)
On the other hand you are dithering about using a $5 encoder.
Leo
I am going for really really cheap using the most common parts, but I want really really great performance. That is all I ask.
About the resolution, I want something like the old power supplies could do with the course/fine controls - but hopefully a bit better. They could easily be adjusted to better then 1mV, whereas a 25V supply with a 12 bit DAC can only be adjusted in steps of 6mV, or with more convenient scaling 10mV. That is a huge leap backwards. Accuracy doesn't matter since everyone will probably attach a DMM if they want an accurate voltage anyway.
To me, a supply should be adjustable to at least 10uV. That is a starting point. I am not interested in building a supply if it is not as good as the common supplies built 40 years ago.
The reason I am going for cheap is I am trying to build the kind of board that rather then just making one, you could make 5 or 10. I love parts costing less then 10c. Parts costing $1 will be very rare in this design.
I have a way the modules can be used in series in a master slave fashion so with 4, you get a 100V supply, or in parallel in a master slave fashion so with 5 modules, you get a 25V 5A supply. The slave boards do not need micro's. displays, etc, so the whole slave regulator board will be the PCB + under $10 in parts.
Richard.