Hopefully others here will help guide your decision.
The m101 ribbon mode, bypasses phantom DC blocking caps, and raises the input impedance from 8 kOhm to 20 kOhm.
The best cap is no cap, so nothing wrong with bypassing them, if you are not using phantom power.
The normal 8k input termination is already a little higher than most mic preamps that target 10x bridging termination (1.5-2 kOhm nominal). The 20k is 10x higher than typical.
I don't want to overstate the influence of this. Moving to higher impedance will load the microphone's source impedance less for a little more output (a fraction of a dB better S/N). For heavy mass microphones there may be some subtle difference in damping but I don't expect as large of a sonic difference as you would see from using a lower than bridging terminations.
But again don't listen to my theory, listen to other people's hands on experience. maybe rent or borrow one and listen to the actual preamp.
JR