Which power cord to upgrade first?

In my system,the source (CD player) cord upgrade had the greatest improvement.
The power amp and preamp cord improvements were subtle, the CD players improved cord was substantial. From what I read, the CD player can 'broadcast' digital noise through the power cord corrupting the other components. The improved cord keeps the digital noise from polluting the rest of the chain, along with the the improved power delivery.

CD player = Musical Fidelity A5 with JPS labs digital AC
Preamp = Adcom GTP750 with VHAudio flavor 2.
Amp = Conrad Johnson MF2250 with VHAudio flavor 3.

Basically any component should benefit from better power cord. The question is - Is the rest of your system good enough to realize the change?
Upgrade power cords(although not all of them) do improve the sound, but the improvement is much smaller than what you would get from IC or speaker cable upgrade.

I think in your case(with a receiver) it's the source that should benefit from a better power cord.
One power cord that I found to work equally good and make a noticable improvement for both digital and analog components is Audience powerChord. It is unshielded, but an excellent cord for either source or the amp. Good luck.

If all your gear uses the same power cord you could just keep swapping until you found the best place for it. Or buy two different cables and do the same.