Hi @mars,
bumping this thread since ive looked into OwlWare a bit recently. A friend of mine builds eurorack modules and he has produced a general purpose (programmable) module (small batch, hand assembled) and he doesnt really know what to do with it now. It's pretty much the same target architecture that the Owl Modular has, with a few minor differences. I'm thinking we might be able to get OwlWare to run on it.
While i was diving into the FW code, I actually remembered this noise issue I am experiencing with my Owl Modular. I was interested why the noise goes away when i run the Owl in remote control mode with OwlControl.
Just to confirm, I can see you are doing this when in remote control
which explains that the paramter values are not taken from the ADC but replaced by the ones transferred via midi cc from OwlControl. Is that right? I havent checked this yet, but Im assuming the OwlControl sensitivity defines the parameter smoothing in OwlControl. At least its more noisy when i have it running at Low than at High sensitivity.
If it is, then I can see that if not in remote control mode you take the parameter values from ADC and smooth them in the leaky integrator in PatchProcessor of OwlWare:
Again Im running an old v14 fw build and i can actually see the parameter values jumping around in OwlControl when not in remote control. This could explain the prominent noise when running a majority of patches (e.g. Bank A / Overdrive ). Im wondering what would happen if i build OwlWare for OWLMODULAR from head in master (since the leaky integrator code is definitively active there). Hopefully that will solve the mystery of the noisy parameters 
Thanks for the help ( I know you probably have other things to do regarding OpenWare but this little experiment is a nice way to get into OwlWare ).
Cheers,
Ben