The P5 has a Burr Brown 24/192 DAC, which oddly limits to 24/96 for digital streams. That said, based on Stereophile measurements, you will be just fine with digital to the P5. IMO, don't waste your money on chasing the elusive superior DAC.
As Irv mentioned, keep the D to A converting as close to the preamp (ideally amp) as possible.
The older Emotiva CD player was very well reviewed, I believe it got the Audioholics stamp of approval. They have an extensive test report on the product page for the current gen CD player. Looks like a well designed product.