I own the Modwright and have heard the Cary, although not in my system or with the same equipment. My impression was that the Modwright is more transparent and tonally balanced and possible more resolving as well.
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I think that's a good choice. I think even a quality new cd player will have a tough time matching a modded machine of about the same price range. I've also heard that the Cary 303/300 wasn't much of any improvement over the 303/200 considering the higher price. Kind of sad considering the shameless marketing at Cary saying "it's designed to compete with the sound of vynil and master tapes".