Benefit of DAC? Thinking of Bel Canto 2

I just refurbished my dad's Marantz 7 & 8B system and am grdaually upgrading the rest. I've got a carousel CD player and am wondering, should i upgrade the player or get a DAC?

Take your time and do your research.
You can get very good digital for a reasonable price.
New digital units are the worst investment in audio-buy used and buy something that is well liked so you can sell it if you end up not liking it.
Consider a used Sonic Frontiers SFD2mk2 DAC or even the Northstar Designs M192 combo(transport/DAC).
One of thepleasures of this hobby is the research required to make a reasonable choice. I think Lkdog makes some good points. This site and the various on-line audio magazines contain reviews of equipment. Enjoy the browse through various articles. Here are some good article sources:
Audio Asylum
Enjoy the Music
TNT Audio
Stereo Times