Hey @patrickdowns - Perhaps this is a convo that is better suited through PM or call, so I’ll follow up to get in touch. That said, I’ll also answer your inquiry for anyone else interested on the thread.
The T+A DAC has a very good preamp section for its price point compared to other DACs that are in its price range (e.g. much better than the PS Audio DirectStream DAC’s preamp section is, or even the Mola Mola Tambaqui’s volume control direct to amp, for instance). The one caveat I would share is that in my personal experience, T+A’s preamps are very linear - it is not the component where one will enjoy added bloom or harmonics. This is true even with their HV series, where more of the harmonics come from the DAC and A 3000 HV amps. The HV preamp is exceptional in its own way for delivering sonics, and though it is not colored, but it does have exceptional harmonics. If I were to compare the HV preamp, it would be a step above the ARC REF 6 SE, but in the same sonic character. The same is true for the 200 series, where the DAC stage has more of the harmonics, the preamp within the DAC 200 is linear, and if paired with the A 200 amp, the amp is also very, very linear (despite the amp having a warmer setting by adjusting the damping factor).
What does this mean? If you are wanting to run a digital-only system, you should have no issues using the DAC 200 going straight into an amplifier. If you have an analog source going into it, however, you will want to ensure that the sonics are to your liking, as it will not add the color or harmonics a tube preamp will. But I have no hesitation to use the DAC 200 as a preamp straight to amp for many systems and have typically had this concern/challenge with just about any other DAC I've used to go straight into an amp. The DAC 200 has a true preamp stage.
Hope this helps!