$40,000: What 2-channel system would you build?

Oh.. and Transparent Super or Ultra cables, of course. 

Sure!
I'd go w/ something like
Wilson Alexia 1s
ARC Ref 75SE
ARC Ref 5SE
Lumin streamer (S1 or A1). 

I could also see something like...
Sasha2 or Yvette
ARC Ref 75SE
ARC 40th pre
Lumin... really just saying Lumin, because that's all I've spent any real time with.  And, I don't know much about TTs yet.  

What do you think @stereo5 ?

@millercarbon   Wow!  Thanks for the thoughtful reply.  You may be swaying me on the balanced (which I already fully agree with) and TT source.  
Hmmm. 
Giving me some hope about the vinyl.  Plus, I think it may be fun trying to find old vinyl at garage sales and small shops... I also like the idea of being able to make partial and incremental upgrades to the TT.
Hmmm.  When I rebuild I might just start with the TT.  But, I do think i'll still anchor around the speakers :)   
Yeah. I like tubes myself.  
I'm sitting here listening to Simaudio Moon 700i integrated.  I just got it in yesterday.  It has been playing 22 hours straight.... still doesn't sound very good.  I'm guessing/hoping it needs another couple days of (re-) burn-in.  It certainly is not as good as my Ref 75 (KT150s) and Ref 3 (w Sain Reference PC).  Always surprised; that the SS amps don't really make up in the bass for what they give up in the mids/highs.  
...but then again, as you mention, it's about half the total price once you figure the cost of pre/amp and +1 PC and +1 IC.  
Thanks again. 

@gdnrbob  
Price can be either. I agree on the pricing of TA cables... but, I do like them. 
+ @erik_squires 
What do you both like about the Vanersteens? 

I've heard vandersteen, run by my Ref 75 (at the time). Treo or Quattro Carbon (CT)... I can't recall which, but it was about a year ago and current model.  I thought the sound was nice, a bit less fwd than I'm used to with Wilson and Focal.  I would say it was a nice sound one could listen to all day.  
I'm a little gun shy on the Vandersteen external cross-overs, dura-cell batteries, etc... Seems a little McGuyver to me.  But, can't argue w/ the sound and the price.  I liked the sound better than Sabrina, not as much as Sophia 3 or Sasha.  

Thanks!

@millercarbon  I like your thinking.  Thanks for sharing your thoughts, especially on the TT.  I know almost nothing about that, so thanks again.

I also really like you're more balanced spending approach.  I could be guilty of putting half in the speakers and then pinching a bit in other areas.    

I ascribe to the 'build-around-your-speakers'- thinking.  But many would agree that starting with the source is the best way. 

I definitely would like to get into a TT, but my vinyl collection is little and very old, and not sure how well it has aged.  (Navy storage while overseas and then when retired for another year)

Why the PrimaLuna?  If I'm honest, I'm leery.  I feel like Uncle Kevin is pushing that line so hard, it feels disingenuine.  What do you like about it, and how would you compare that to audio research reference?  Which, to me, can be had for a song on the used market.  I've had ARC, many pieces, and loved it. 

Thanks again. 

@erik_squires thanks for sharing. You've got one up on me; I've never even gone to an audio show yet.  Really need to.  How do you enjoy them?  Even if they are 'lower' end? 

Thanks all!

@larryi I'm more apt to go this route.  But... I can't do ultra low power. 

@gdnrbob  Bob, I've currently got Wilson Audio Sophia 3.  I'll be selling them, and rebuilding a system in about 6 mos.  Likley, I'll go back to Wilson and ARC.  But, we'll see.  This post has made some convincing aregumetns to consider others like Audio Note and more.