When I first heard the ND5 XS2 in detail, (see earlier report, below) one of my first thoughts - like you - was that it’s an exceptional streamer. I would be happy to use it, as it is.
But, already owning an nDAC, my long term plan was to use it with our Naim DAC first. Then, over time, maybe add a PSU too.
The nDAC is a brilliant external DAC. We move it around at home and use it for several things, for TV, (for Glastonbury and other tv concerts), for a universal disc player, for a cd player, etc, etc.
One big drawback with the nDAC is it doesn’t do USB, (which is probably a big issue now, in the market). So far, we’ve been able to work around this and find great digital source products that always have digital out on SPDIF, etc.
We’ve looked at Chord products. I’ve always been impressed with their DAC’s. Particularly Qutest and Hugo. But slightly prefer what the nDAC does. If we didn’t have the nDAC a Hugo would probably be next on my list.
If we get a chance to borrow a Hugo or HugoTT we will do as you suggest and explore that idea.
Finally, having heard what it does when configured ND5 XS2 - nDAC - XPS DR, already understand what I’m aiming for …
There was once a high end CD player called the Helios Stargate. I remember a review in a 1990s copy of What HiFi - quite an unusual (and expensive) looking object at the time IIRC.