For 16 vs 24 bit look at the BiFrost and Gungnir DACs on the Schiit website (only applies to PCM formats). Hi-res and DSD get all talk but very, very few recordings are available and fewer that use more than 16 bits. Native DSD recordings barely exist because it can't be manipulated, so virtually all are converted from PCM, so what's the point? Same with hi-res PCM, most are converted from 16/44 (CD or "Redbook") quality, so again what's the point? Quality of 16/44 is still being found on newer/better machines, so the smart money is still focusing there (where 99% of music has been recorded).
I never could stand vinyl surface noise, so gave up on it 30+ years ago.