We present a loss-gain equalized reconfigurable C-section analog signal processor (ASP) for dynamic radio analog signal processing (R-ASP). Such an ASP provides real-time tunable group delay response with all-pass transmission. We propose a lumped loss-gain implementation, where tuning and equalization are mostly easily achieved. A theoretical study derives the transfer function and the fundamental characteristics of the device. The ASP is finally experimentally demonstrated, first using a single loss-gain pair and finally a three cascaded loss-gain pair structure with full reconfigurability, where up-chirp and down-chirp group delays are shown for illustration. It is expected that this ASP will find wide applications in R-ASP systems requiring dynamic adaptability.