This is a fun thought experiment.
If your source is LP, then I would argue that your playback system (turntable, arm, cartridge, setup) is most important. Imagine you had near mint pressing of Kind of Blue or Aja, and you played it on a $35 Crossley. It would sound like sh*t. However, given a decent playback system, the recording is next.
Digital is very different as you can get acceptable sound from a modest or inexpensive source. Here I would put the recording quality first.
Then it gets difficult. Speakers are very important but require a suitable amplifier and proper setup in a room that they work well in. Too many dependencies, but if I had to rank: Speakers > Set-Up > Room > Amplification. Then comes the fun of cables, power, and tweaks.