I am currently using a Lexicon MC-1 as DAC & Preamp for 2 channel CD listening, with an Onkyo DVD changer as CD transport. It actually works quite well. The Lexicon was built for surround, not necessarily 2 channel, but it was a $6,000 Preamp in 2002, I figure the 2 channel portion has to be at least "pretty good", and I do like it a bit better than the Emotiva for 2 chan (2 chan reviews on it are a bit mixed, but most of the reviews are from Audiophiles that paid ~$4,000-6,000 for it when it was new). I am happy with my transport, I don't believe they make much of a difference in the end anyway.
I want to experiment a bit, look for good deals on used DAC and 2 chan preamp. Hopefully keep it under $4-500.
With a little searching, I found that an "Entech Number Cruncher 205.2" is a very good DAC, and can be had for a few hundred when available on eBay, I am also looking at a PS Audio 4.6 preamp. I have owned one before, and liked it, but sold it when it started having a few issues.
I recently tried a little experiment that has worked out fine. I use my Citation 5.1 amp powering my Mirage M-3sis in both my 2 Stereo system and 7.2 Surround. I am using a Niles AXP-1 to switch between the Emotiva UMC-200 (for Surround) and Lexicon MC-1 (2.0 stereo). I know that any switch, like the AXP-1, has the potential to degrade the sound, but the Niles is a quality piece and I haven't noticed any issues, neither have others that have talked about it online. This also solves the issue that the Emotiva doesn't have a way to automatically turn the subs off for 2 channel listening and is a pain to go into the menu to do it every time. My Velodyne subs are great, but the M-3sis go down to 30Hz and sound better without them for most 2 chan music.
First question, for the price range I am looking at, will I likely be able to do any better than the Lexicon? Second, suggestions?