Teflon Cap upgrade or new set of NOS tubes for conrad johnson PV12A Preamp?

Depends how cheap the teflon is.

There's a wide variety of caps out there though.  I might suggest a compromise, try out some Audyn TC bypass caps, in the 0.1 to 1uF range. They're pretty big, so you may have to go small, but less expensive than pure teflon in those sizes (~ 4uF each or higher, right?) .

@erik_squires ,

I believe the OP wants Conrad-Johnson to do it.  The Teflon caps are made by CJ or are branded as such and everyone who has bought the unit with the better caps says it is worthwhile.  They also take a few hundred hours to break in.

Teflon caps.

I recently had new Teflon caps installed in my CJ PV 11.  It certainly was worth it.
 It’s like acquiring a new premium preamp. If yours has a phono section, it’s especially worth it. Probably superior to any stand alone phono preamp out there,
the CJ phono section is very special.
Btw, two Telefunken NOS 12 AU7s are not too expensive and sound wonderful in the line stage.

Sorry, didn't understand CJ was offering this as an upgrade! :)