Really need a DAC w/ a great CD player

You are basically correct in my book. Some CD Players made excellent transports, but I would not buy a new Alpha and then the MSB. There is a $80 Aiwa CD Changer that makes a decent transport, so save your money.

Npotter- I would suggest that you not discount the importance of a good transport in the overall sound of a transport/DAC combination. Also, the platform under the transport will have an effect on the sound(vibration equals data errors/corrections). The DAC's performance will be limited by the quality(accuracy) of the data that is fed to it. Yes, a simple transport will produce sound, but rarely the emotional connection found in music. It all comes down to your expectation level based on the quality of the rest of your equipment. Just MHO. Goodluck.

I've owned both CD Players and Transport/DAC combos. My current front-end is a Roksan Caspian CD Player. A pretty good player (it ought to be at $1600). My previous rig was an MSB/(very old) McCormack transport. I thought the Roksan was better; and that is why I "upgraded". Currently I am auditioning an MSB with upsampling/Aiwa changer combo; the Aiwa was recommended by the Chicago Audio Society (I think). Separate DAC and transport are more "easily" upgraded (at least in theory). Admittedly though, I'm not sure the MSB/Aiwa is an improvement over my Roksan; though it is considerably cheaper. Where I am going with this is, I'm not sure there is a hard and fast rule that Transports/DACs are always better than one-box players or visa versa. Audition both the Alpha and the MSB. Buy what satisfies your requirements and budget. If you decide on the player you can always "upgrade" to an external DAC later.