This is both to be expected and there is a solution here. Solutions to ‘scaling MIDI output issues’ (cc @nattog, @jonnymon) follow:
For reasons, the raw 5V going through the fader (and out to modular) is run through a voltage divider so as not to damage the Teensy. This scales it to ~3.2V p-p, but, because it’s a voltage divider, its output may vary and fluctuate depending on your board, power supply, discrete parts.
These two config lines set the boundaries for the scaler in the code; the typical absolute maximum is 8192, which would represent 3.3V coming into an analog input. We take a slightly lower number as a maximum to reflect that voltage division.
So: if your board isn’t quite giving you full 0-127 p-to-p, you’ll probably need to reflash it having fettled the config.h to set MINFADER/MAXFADER values that give you desired results. It’s not currently possibly to adjust this without recompilation: the magic of compiled code.
(Yes, this is not perfect. It’s a DIY product. Given my time over, I think I’d definitely feed a ~3.2V signal calculated identically into an analog reference input and calculate it from there. I didn’t. It’s on the list for obvious improvements in any 2.0 that may happen. But this would avoid various trimming issues)