Marty,
You could pick up a used Theta Casablance III with 1 Xtreme card for about $4,000, and use it in a 2.1 application. I own a CBIII with XTreme card so I can give you some advice here. From what I gather you want to consolidate boxes, and need four things; Preamp, DAC, EQ and Xover. The CBIII will not give you EQ, so you still need yout SMS-1. The Xtreme card is a good (10 year old) DAC in a MCH application, but a modern 2 channel DAC beats it hands down (I have a PS Audio Perfect Wave which is a better DAC). Xover flexibility is second to none in the CBIII - no issues here. However, your LS25 is a far better preamp than the CBIII (I use a Theta Six Shooter for preamp, which is far better than the analog bypass in the CBIII). In summary, depending on what DAC you are currently using, you will very likely take a big sound quality hit with a CBIII, still have a two box solution, all for the questionable benefit of having a good Xover in a box 40lbs box (with I bunch of features you don't need).
A far more promising alternative is to look into the TACT 2.2 digital preamps with build in EQ and Xover. This has all the four functions you need in one box. I suspect the (optional) buld in DAC is the weakest link - but not to worry, it has digital out so you can hook it up to an External DAC. The only wildcard here is you are going from volume control with your LS25 tube preamp, to doing it in the digital domain. This would be anathema for purists, but since you are considering a CBIII and are not loosing any sleep over using a cheap Xover in an otherwise high grade system, obviously you are not a purist (I say this as a positive).
You could pick up a used Theta Casablance III with 1 Xtreme card for about $4,000, and use it in a 2.1 application. I own a CBIII with XTreme card so I can give you some advice here. From what I gather you want to consolidate boxes, and need four things; Preamp, DAC, EQ and Xover. The CBIII will not give you EQ, so you still need yout SMS-1. The Xtreme card is a good (10 year old) DAC in a MCH application, but a modern 2 channel DAC beats it hands down (I have a PS Audio Perfect Wave which is a better DAC). Xover flexibility is second to none in the CBIII - no issues here. However, your LS25 is a far better preamp than the CBIII (I use a Theta Six Shooter for preamp, which is far better than the analog bypass in the CBIII). In summary, depending on what DAC you are currently using, you will very likely take a big sound quality hit with a CBIII, still have a two box solution, all for the questionable benefit of having a good Xover in a box 40lbs box (with I bunch of features you don't need).
A far more promising alternative is to look into the TACT 2.2 digital preamps with build in EQ and Xover. This has all the four functions you need in one box. I suspect the (optional) buld in DAC is the weakest link - but not to worry, it has digital out so you can hook it up to an External DAC. The only wildcard here is you are going from volume control with your LS25 tube preamp, to doing it in the digital domain. This would be anathema for purists, but since you are considering a CBIII and are not loosing any sleep over using a cheap Xover in an otherwise high grade system, obviously you are not a purist (I say this as a positive).