I have the Lab 12 DAC 1 Ref. It really sounds good. Something that should be auditioned or have an easy return policy. I listened to a few DACs below , at , and above its price. Loved its sound and can live without DSD and fixed output. Which I prefer on a source anyway. Not for everyone but a really nice sounding DAC.
Maybe DSD is why he wants a FPGA type DAC….