The MFT instructions are clear on the "Reset Encoder Value" functionality:

When pressed the switch will reset the encoder value to 0, or 63 if Detent is enabled. In this mode the switch also sends a MIDI message as if it where configured for CC hold.

and this is working as expected in Ableton. However, the hard-coded 0/63 values have their limitations. For example, Auto Filter Freq resets to 26 Hz, not 12.5kHz; Eq's reset to -inf dB, not 0.0 db.

I found with Eq's I can somewhat control the behavior by using Detent mode and setting Min/Max range in Ableton to -6dB and +6dB - then center press on the MFT results in -0.05 dB (close enough to 0).

Does anyone have suggestions to better control the transmitted reset value from MFT? Any M4L utilities to interpret the reset value from MFT and map it to the native Ableton default reset value (equivalent to the "Return to Default" DEL function)?