Along with the other considerations, I would definately replace the Dreadnaught for two channel listening. The Dreadnaught is just not a very good amplifier for two channel performance. Add a dedicated 2-channel amplifier and your performance on two channel music will improve dramatically over the Dreadnaught. Until you get the Dreadnaught out of the two channel playback, no CD player (SACD or just redbook) will ever be able to show its abilities. Perhaps you want to borrow a decent 2-channel amp from a friend before making all these other changes. My guess is that you will find that the improvement with this move will far out achieve any new CD player you add while still running the Dreadnaught - at least for 2-channel performance.
I did own the Dreadnaught II and this is based on my experience with my system. I sold the Dreadnaught to another individual looking to get better 2-channel performance via a 5-channel amp and he re-sold the Dreadnaught within 2 weeks (before my ad had even expired) and commented to me that it was mediocre in terms of 2-channel performance, same as my conclussion.
FWIW - I never found the Wadia direct to amp nearly as good as via a decent preamp. On the otherhand, I did find the Audio Aero Capitole direct to an amp was just as good as via a preamp (both in my system only, so factor these comments in accordingly).
