Hi everyone, this is my first post here I have been lurking around for some time and this looks like a great place full of friendly and knowledgeable people.
I am hoping for some help in a decision I have to make, Unfortunately my Perpetual Technologies P1A digital correction engine has finally given up on me

I still have the Modwright level 2 signature P3a upsampling dac that partnered the P1a. But now the P1a has died the P3a is no where near as good alone as both were in combination.
So I now I am looking for a new DAC that can rival the Perpetual Tech gear or at least doesn't make me feel I am loosing too much in the way of sound quality in the process. I am looking to DIY it this time due to budget constraints.
The biggest problem is lack of money I’ve seriously been considering a RAKK DAC MKII :
http://www.kandkaudio.com/digitalaudio.html It is a new model so there is very little information out there regarding how it sounds has anyone here heard this DAC? Or even better has anyone here heard the P1a P3a combination V's a RAKK DAC MKI or MKII? I would love to hear how they stack up against each other.
Although I have only owned oversampling DAC's in recent years my mind is totally open regarding non oversampling DAC’s I don't really care which technology I use as long as I get the kind of sound I want.
The kind of sound I am after is as realistic as possible within my budget which is around $700. I would love something with good soundstage depth, clean deep bass, good amounts of detail, ability to display tonal colour but above all the ability to convey the emotion in music. I not asking for much am I

I think you could say my system is quite revealing for it’s budget, I have ATC SCM12 speakers, a highly modified Denon 2900 universal DVD player with Audiocom Superclock 4, An as yet unmodified Squeezebox v3, A Benchmark DAC 1, 2 passive TVC preamps one is a Promethius audio reference and the other is a home made Music First with Elma Switches, a DIY SS mono block power amp around 200 watts to run those quite insensitive ATC's, and a temporarily out of action (one dead amp module) DIY Hypex 400ad mono block Power amp (I hope to get the new high grade modules one day) and lastly a DIY mains filter with isolation transformers.
If anyone can think of a DAC that will meet my requirements I would love your help and advice in choosing something to replace my P1a P3a combo, there are so many different DAC’s out there, plus I have no hope of getting to listen to a DIY DAC before hand so I thought I’d ask you good people for some pointers and opinions ect.
I am not closed to the idea of buying a ready made DAC but I think I can get better value with a DIY one.
Thank you very much in advance for your help.