Hello Steve, and welcome!
I'm a newbie here as well, new here, not to audio.
Just a small comment on the DAC though.
You mention the Monarchy NM, and I thought I could share some experience.
The Monarchy is a nice unit, but the earlier "M" implementations are a bit cleaner, more immediacy, and nuance. The "NM", (NM= New Model, if you don't already know), and is built with the BB/TI 1704 chip, while the earlier "M" series used the PCM63. The Monarchy M22a,&b, M33, and M24 used the PCM63. The M22c actually "piggybacked" 2 ea PCM63's per channel.
Another thing that may, or may not, be a limitation, the Monarchy's only have 2 inputs. 1 coax, 1 toslink....that's it. At least 1 more would have been nice.
Just thought I'd share, being that I have had some experience with Monarchy. They are fairly well constructed units though.
As with any piece of equipment, YMMV, but if there is ANY way to audition it in YOUR system - do it!
Welcome!