Hello,
You picked a good product to have fun with. The P5 and the Shiit Freya are both preamplifiers. So they sort of do the same thing at opposite ends of the spectrum and the Parasound P5 is like a Swiss Army knife. You can use both together with your other pieces. Your Parasound has a Home Theater Bypass input. Plug a set of LR RCA cables into the RCA (SE) Preout of the Freya then the other end into the Bypass RCA inputs in the Parasound. Take the Project DAC and plug the RCA out to Input 3 on the back of the Schiit Freya. Take the Audiolab and plug the (RCA) Coax out into the Project DAC. Take the Audiolab again and plug output toslink (Fiber optic) into the toslink 1 input of the Parasound DAC. For now put the equalizer switch (ON) the Denon 300F turn table. Plug the Denon RCA cables into the 4th input on the Schiit Freya. A better option would be to buy a Schiit Mani Phono preamp. $129 plus shipping. https://www.schiit.com/products/maniOr you can turn the switch on the Denon to (OFF) and plug it into the phono input on the Parasound 5 which might yield better sound now. Always connect the turntable ground wire. You can test that. Once you get the Schiit Mani you will also need another set of RCA (LR) cables to hook it up. Again, Make sure the switch on you Denon is set to (OFF). Plug the Denon turntable RCA cable into the (IN) input on the Schiit MANI and with the regular Left and Right RCA cables you have to connect one end to the Schiit MANI outputs to either the Schiit Freya 4th input (RCA) or the Parasound 4th RCA input. NOT THE RCA PHONO INPUT! I am picking the 4th RCA input to make it easy to remember your Denon will be on the fourth input.
HOW TO USE:
When you want to listen to the Schiit Freya push the Bypass button on the Parasound. When you want to listen to the Parasound push the bypass button again to turn off bypass
To listen to the Audiolab transport on the Parasound push the Toslink 1 button on the Parasound. Make sure the bypass button is off. To listen to the Audiolab on the Freya using the Project DAC select the COAX input on the project DAC and the #3 input on the Schiit Freya and make sure the bypass button is selected (ON) the Parasound. When you want to listen to a record for now push the Phono button on the Parasound. Unless you hooked it up to the Freya then you will need to push the bypass button on the Parasound, select the 4th input button on the Freya. When you get the Schiit Mani the first thing you will do is turn the equalizer switch to (OFF) then hook it up to the preamp as described above.
Now if you play the turntable through the Freya using the Schiit Mani make sure the Bypass button is on the Parasound is selected. Select the 4th RCA input and spin vinyl. If you hooked the Schiit MANI up to the Parasound make sure the Bypass button is off. Select the 4th RCA input on the Parasound and spin vinyl. I know this was long, but you asked if it could be done. The answer is yes.
You picked a good product to have fun with. The P5 and the Shiit Freya are both preamplifiers. So they sort of do the same thing at opposite ends of the spectrum and the Parasound P5 is like a Swiss Army knife. You can use both together with your other pieces. Your Parasound has a Home Theater Bypass input. Plug a set of LR RCA cables into the RCA (SE) Preout of the Freya then the other end into the Bypass RCA inputs in the Parasound. Take the Project DAC and plug the RCA out to Input 3 on the back of the Schiit Freya. Take the Audiolab and plug the (RCA) Coax out into the Project DAC. Take the Audiolab again and plug output toslink (Fiber optic) into the toslink 1 input of the Parasound DAC. For now put the equalizer switch (ON) the Denon 300F turn table. Plug the Denon RCA cables into the 4th input on the Schiit Freya. A better option would be to buy a Schiit Mani Phono preamp. $129 plus shipping. https://www.schiit.com/products/maniOr you can turn the switch on the Denon to (OFF) and plug it into the phono input on the Parasound 5 which might yield better sound now. Always connect the turntable ground wire. You can test that. Once you get the Schiit Mani you will also need another set of RCA (LR) cables to hook it up. Again, Make sure the switch on you Denon is set to (OFF). Plug the Denon turntable RCA cable into the (IN) input on the Schiit MANI and with the regular Left and Right RCA cables you have to connect one end to the Schiit MANI outputs to either the Schiit Freya 4th input (RCA) or the Parasound 4th RCA input. NOT THE RCA PHONO INPUT! I am picking the 4th RCA input to make it easy to remember your Denon will be on the fourth input.
HOW TO USE:
When you want to listen to the Schiit Freya push the Bypass button on the Parasound. When you want to listen to the Parasound push the bypass button again to turn off bypass
To listen to the Audiolab transport on the Parasound push the Toslink 1 button on the Parasound. Make sure the bypass button is off. To listen to the Audiolab on the Freya using the Project DAC select the COAX input on the project DAC and the #3 input on the Schiit Freya and make sure the bypass button is selected (ON) the Parasound. When you want to listen to a record for now push the Phono button on the Parasound. Unless you hooked it up to the Freya then you will need to push the bypass button on the Parasound, select the 4th input button on the Freya. When you get the Schiit Mani the first thing you will do is turn the equalizer switch to (OFF) then hook it up to the preamp as described above.
Now if you play the turntable through the Freya using the Schiit Mani make sure the Bypass button is on the Parasound is selected. Select the 4th RCA input and spin vinyl. If you hooked the Schiit MANI up to the Parasound make sure the Bypass button is off. Select the 4th RCA input on the Parasound and spin vinyl. I know this was long, but you asked if it could be done. The answer is yes.