I just tried the same EQ you described and got the same results. No clipping with the EQ disabled, and clipping with it enabled, despite the fact that I only lowered the bands. Sounds like a bug. Have you reported it to Sonic Foundry?
I am not at home now, so I can\'t test this, but I do like the Sonic Timeworks EQ that comes with Sonar XL. www.sonictimeworks.com
You could also check the Waves Renaissance EQ. You can download a fully functional demo for free. Be aware that it will install Pace copy protection on your machine though.
I set up the same test, and yes it does. However, the clipping only came in at the INF setting on the 3000hz setting. Meaning at one level higher(-24.9db)no clipping here. Don\'t know if that will work for you. Good luck!