Hey @rbrannen - I am an authorized Aurender dealer and Legacy Audio installer (I deal Legacy products but am required to install anything I sell). I also owned the Legacy Aeris with the Wavelet long before I became a dealer. From what I recall, Wavelet does everything in the digital domain. If you plan to continue to leverage it for its DSP capabilities, there is no point in having another DAC in the chain, especially if it is in the same chassis as your streamer. Otherwise, you would have the streamer send its digital signal to the internal DAC, which would then output analog into the Wavelet II, which would then digitize it again to apply the DSP, only to convert it back to analog. Any character a different DAC will bring will somewhat get removed through the correction process of the Wavelet II. That was my experience in the years I owned the Wavelet.
The Wavelet II is also a pretty good DAC, up against others in the $5K range for dedicated DACs. For example, I don’t think you’d get any improvement from the DAC side of things by going with something like an Aurender A15, which retails for $8,400. The A15 is really the $6,300 N200 with the equivalent of a $3-5K DAC built in. If you were looking more towards the Aurender A20, then you’ll start to notice a bit more richness and effortlessness, less fatigue, etc compared to your Wavelet II. But in my opinion, I think you’d be better off investing in a high quality dedicated streamer like the Aurender N200 or Aurender N20 and let your Wavelet handle the DAC process.
I have a few more thoughts on this that I will PM you about directly.