Starting From Scratch - What would you do?

I'd find the best speakers I could for the money and your room and then build my system around them. If the speakers are efficient then tube power. If inefficient then solid state or more expensive tube gear. I think the speakers are the most important part of the system so I'd figure that out first. Time to audition. It can be maddening :-)

Avalon Accents? ( Avalon's first 2-way) $2300-3000 used
Ayre V-3 amp $1300 or an MFA D-75 if you want tubes
Ayre preamp, pick-um
Well Tempered Turntable, your favorite cartridge
Best Cardas wire you can afford used
Most any CD player through a Reflection Audio modded Benchmark converter or an Ayre player.

This is the gear I wish I had started with. The most significant upgrade to my system were my Eidolons, yes, everything in the chain is important but it wasn't till the Eidolons arrived that my system instantly became musical at any volume level. I don't own any Ayre equipment but everyone who I've suggested it to is extremely happy with it.

I agree with the post about beginning with the speakers. If you are not happy with those you will not be happy with the rest of the system. Begin with the speakers you love and work backwards from there.

Get a Lenco, either rebuilt or for DIY rebuild. Front end is most important, and that's the best you can get in your price range (or maybe in any price range). Best way to hear what your speakers (whatever they turn out to be) can do, and more importantly, to hear your music.

Just for something a little different - Jadis Reference Orchestra integrated - or if you require more power and SS, a Gryphon Callisto 2200; depending on your budget - Proac Reference 8 signatures, B&W 805Nautilus, Sonus Faber Guarneris, or Wilson Sophias - all with a REL sub, Strata or Storm; an entry level MBL CD (or an old ARC CD1).