Can a DAC do double duty?

So I would then just always keep it as "Eversolo" but I'd still be able to play the CD player under the "Eversolo" input, right? 

That’s exactly right.  Maybe renaming the Krell input to “Pontus” would be a little less confusing?

I’d think all you need is the one XLR connection from the Pontus to the processor and just switch inputs on the Pontus to toggle between the streamer and CD player.  I’m guessing you’re looking at adding another RCA connection because you’d rather use the processor to toggle?  Might be interesting to try both ways and see if you perceive any sonic differences.  

Only 1 XLR cable?

Sorry, my bad.  You are correct and I meant one pair of XLR interconnects.  Both your CD player and streamer should be able to flow through just the XLR interconnects from the Pontus (no RCA interconnects needed), and if the Krell is fully balanced that’s sonically probably the better way to go along with not having to potentially have to buy another pair of RCA interconnects.

Even though I would have only used one output at a time, Vinshine confirmed what the manual said about not connecting both outputs at once.

@burtlake Great and important info, and thanks for sharing — I was actually wondering about exactly that issue.  OP, there’s the definitive answer to your initial question.

Yup.  That’s it.