According to the specs I found online, the rated output of a McIntosh C24 at the tape out is only 200mV, so a high input voltage is not the problem, I see two possibilities:
1) The Grado's are notoriously sensitive, in which case the next question is whether you intend to use it only with headphones or with speakers as well.
2) it's unlikely but possible that you got a linear volume control instead of the logarithmic version. To check that, measure the resistance from the center lug of the control to each end lug, with the control centered. You can use either channel. If both are around 50Kohms, it's the wrong control; if one is 5-10 times the other it's the right one.
Edit: I see Doc B already posted, I'm just augmenting his post.