Hello Nic,
Some food for thought…
Before you spend time and money on a valve solution you should look at this
http://sound.whsites.net/valves/myths.html and for more details this
http://sound.whsites.net/valves/index.html.
There are affordable valve DAC's on eBay, these are generally USB DAC's. The AK4490EQ DAC chip is popular with USB DAC's, while the I2S DAC's tend to use the ES90xx or PCM51x2 chip's. What I see from other internet posts concerning valve equipment is that people tend to buy a ready built product then then take it apart and rebuild it. It seems to be a very personal process and if you take into account Rod Elliott’s views, something which takes great skill. After considering this I gave up on the valve idea.
But I am looking at reclocking techniques (the I2S route), the Kali i2s Reclocker seems to be the DIY standard at the moment. But before I buy this reclocker (and compatible Allo DAC) I am planning to build a sort of asynchronous reclocker/buffer/oversampeler. This is just to see if it has any effect on the performance of ES90xx or PCM51x2 DAC's. The idea is based on an old post here
http://diyparadise.com/w/?s=reclocker, no idea if it will give any sound improvements. I will post the results in the DIY section.
The other route which I am considering is using a hifiberry dac+ pro. This DAC uses a PCM5122 DAC which works in synchronous mode using one of the two on-board switchable clocks. This is partially what Kali i2s Reclocker does (but without the buffered I/O). There are other posts on the forum concerning this DAC, some people have had difficulties.
It’s on my Christmas presents list I currently use a hifiberry dac+ in my main system, this is basically the same as your IQAudio PiDac (PCM5122 chip). My experiments with other low-cost DAC solutions have not yet been able to improve on the sound quality.
Janui