but when a lower S/N level can be quantified.....it has to have a relation to actual levels of distortion present....
Agreed but I think several replies here are simply trying to say that the link is not as strong as you suggest. Otherwise people with analog gear (vinyl or tape) would be very unhappy - and they are not! Distortion and Signal to Noise can be separate issues and don't have to be related. You can have one bad and the other good and vice versa. Of course in excellent gear both will be good.