@whart wrote
So, my response should not be taken as a "rule" to apply to others, but rather, where I got the biggest uptick, once everything else was primed for it.
I think that last clause is important: all other things being equal, the closer to the source, the bigger change can be expected when something is upgraded. Errors there are going to be magnified going down the chain of reproduction; a "perfect" loudspeaker can only reproduce the imperfect signal from a poor cartridge etc. This assumes all components are roughly of the same calibre, and if you do have a "weakest link" it must be addressed first.