Per the manual:
TONE LOCATION – This control lets you change the location of the tone stack. “PRE” places the tone stack at the input to the preamp, “POST” places the stack between the preamp and power amp. “MID” places it between the last two triode stages, and “END” places it after the power amp (which is physically impossible with a real amplifier). This parameter defaults to an appropriate value whenever you change the amp TYPE, but it can then be changed as desired.
Personally, I'd play with it and see what sounds best to you. I am not sure how many stages are modeled in the Axe. But assuming the input stage is your "analogue" stage, then PRE would be closest to the actual Dumble. But I don't know how it sounds, my rig is on stage ready for a show. You'll have to experiment and decide what you like best.