I actually have no experience with the iFi stuff unfortunately. I usually recommend the Magni/Vali and Modi or the Element to people for the ZMF's. Wish I had more experience with a greater amount of gear!
I had a quick demo at the New York Audio show with the Micro iDSD, and it sounded great (it was driving a pair of HiFiMan 400s)
That being said, I only had a couple of quick minuets with the Element/ZMF combo at the Head-Fi meet as well, and although I can't A/B them, I'd say you wouldn't be loosing anything with the Element. Especially with the price difference!! The Element & Vibro really sounded phenomenal to me....dangerously good.