Just gonna drop this here in case anyone else has this happen in the future...
A couple of weeks ago I fired up the stereo to find I wasn't getting any audio out of the UD-301, neither the rear RCA jacks nor the headphone out. Computer could see it as a DAC and it would lock onto digital signals from either the USB or optical inputs with the LED showing the correct bitrate, but no sound from the outputs. Another giveaway was that I wasn't hearing the relay click.
I opened it up and probed around with my multimeter and found nothing obviously burned/charred, no voltage on the opamp supply pins. Fortunately the really obvious candidate turned out to be correct - the fuses for the analog section had blown. They are Littelfuse 372 series through-hole type, the little red parts by the two big 4700uF caps:
The third fuse over towards the left was still good, so I'm not sure what would have taken out the other two, but replacing them fixed the DAC and everything is good now.
I'll also mention that working on this thing is a pain in the butt. The factory must use newer soldering methods and/or a harder less- or no-Pb solder type because these joints take a LOT of heat to melt, and the stuff doesn't like to wick out of the joints without a little dab of flux on the braid. The extra heat is not a problem for removing already-blown fuses, but when installing the new ones you've got to be quick with the soldering iron or you'll blow them as you install them. Probably best to meter them to verify continuity after soldering and before you bother putting the board back in the chassis.