Watch out for word truncation if the "old DAC" doesn't support anything above 16-bit. Any digital volume control upstream of the DAC will likely produce 24 or 32 bit samples even when playing 16-bit material, so even with excellent clock you may have a less than excellent solution. If the DAC 24 bit capable then you're ok.
That's something I did not consider. My DAC is restricted to 16-bit (Arcam Black Box 1) - so yes - it would be great to find a solution in that case for both a high quality SPDIF out and perhaps getting it re-clocked to a steady 16 bit.
Both Volumino and the Auralic software have got options to cap sound to 16 bit - but I'm not sure that is necessarily as good as a re-clocker, however I don't really know. Sorry I know most people are chasing 24 bit an above, but not me (yet).
Suggestion above to change DACs is, I know, obvious. But I like the sound of this old DAC when hooked up to an excellent transport. The great transport (and it definitely shows its prowess as a transport to my ears) I am using right now is a Marantz NA7004 - but this streamer is limited in its functionality so I want to use a more feature rich streamer behind the BB1.
I listened to a friends Topping in his setup and thought it was aneamic sounding - but that was in the context of his system so... I cannot judge.
Where I want transparency is from the 16 bit stream - not necessarily the DAC because I can't imagine my DAC being transparent but I like the sound and that's what this hobby is all about.