It depends. If the amp is not capable of properly driving the speakers i.e. they are low impedance / low sensitivity, then the amp side would be more important. If the amp is properly matched, then the phono stage can easily have more of an impact on the sound.
Mana Acoustics Racks / Bright Star IsoNodes Decoupling >> Allo DigiOne Player >> Pedja Rogic's Audial Model S DAC + Pioneer PL-71 turntable / Vista Audio phono-1 mk II / Denon PCL-5 headshell / Reson Reca >> LFD DLS >> LFD PA2M (SE) >> Royd RR3s.