What is most important part of a system?

It all matters that is why they call it a system . The room dictates the application of the system mostly the speakers . Smaller rooms are harder to get right with full range speakers that's why small book shelf speakers sound good in smaller rooms . If you want your cake and eat it too look into distributed bass .    

Or a bakery

Planning is the most important thing you can do. Figure your budget then look at what that money will buy you. Good vinyl, these days can be pricey and may require an external phono stage plus cables..... On a restricted budget I would think you would plan on getting efficient speakers, that way you are not left thinking you should get more watts to make it all sound terrific. That more watt philosophy does not always make sense. So high efficient speakers then sweet little tube amp, there are plenty. 

If you are on restricted by budget constrains give me a call I have plenty of gear that will test your commitment to the hobby. Good stuff however.

Jim

czarivey
bigkidz,
try to place Alesis Masterlink $250 as DAC only and you'll get result very close to yer $35k DAC.

Wanna put some money on it!

Happy Listening.

randy-11
show me the blind listening test results

Give me 30 seconds in your system forget about going blind.  Most people have never heard a DHT component.
It is not just a change, it is an experience never heard before.

Happy Listening.