A newbie deciding on a transport/DAC

MSB Link DAC 3 would be a good choice. Many reviewers have suggested mating it with a Pioneer DV-414 DVD. (or any DVD player with a 24/96 output, ask the dealer or check the manual before you buy) If you use a DVD player as a transport, you can output a 24/96 digital signal to the Link DAC. The Parasound might be a better quality CD transport in absolute terms, but it doesn't do DVD and 24/96 and it's the DAC that makes the most difference in sound quality. For a little more money than your suggested combo, you can get a Pioneer DVD player with a Bel Canto DAC1 that I'm pretty certain will smoke the combo you suggested, especially with 24/96 recordings, and likely won't need to be upgraded for a very long time. Don't skimp on the digital cable either.

Following up on Hifinut604, I've heard the Pioneer with the MSB and can attest that it works very well. I agree with his other suggestions as well. My two cents is to get the upsampling upgrade on the MSB, as I find that to be a worthwhile addition (I think it's in the Bel Canto as well?). I have trouble listening without upsampling, now that I've got it (I use dCs, but I've also heard the MSB's upsampling), and the MSB, at least, makes it defeatable if you don't find it to your liking.

You should take a look at Rega's Jupiter/Io transport/DAC combo. It's a very good system, particularly if you are able to buy it on the used market. You could also get the Jupiter transport (which is essentially an upgraded version of the Rega Planet CD player, with roughly twice the power supplies), and run it into a DAC of your own choice.

The Sony DVD S-7700 is arguably the best transport in the world, regardless of price (read planet hi-fi's review of it's predecessor, the S-7000, which I also owned). The Birdland upsampling DAC will give you, for under a grand, sound comparable to the Bel Canto DAC. There you have it, anything else, like the planet and IO DAC, even though they are fine machines, will not provide sound in the same league as the SONY / Birdland or Bel Canto combo. And with the best DVD machine on the planet as a bonus, it's a no-brainer. The Pioneer by comparison is clunky and cheap....Have fun!