Interesting- I had a BP 20, a 3BST, and an Arcam CD72T. IMO, a bit too much on the revealing, transparent side for my tastes. I changed to the Bryston 3B SST which was a significant change for the better- a more natural,smoother sound. Although this was a positive step , I was still not satisfied so sold the BP 20 and purchased a NAD C162 as sort of a stop gap measure.
Except for a slight loss of transparency and perhaps *air* around instruments it was just as good , but most importantly,to me, smoother and more musical.
I personally would change the pre first because the greatest gains can be gained there-especially if you don't change the amp. I don't think you can upgrade the BP 20 so replacing it gives you alot of choices to tailor the sound of your system to your liking ( nothing is perfectly neutral so you might as well go for a system synergy that pleases you.)