Both - Bifrost can decode the digital signal, Valhalla can be a unified volume control (just set the Airmotiv4 to a precise level on each side).
Do you really need the tubes? And what headphones are you planning on driving with it? If you want solid state you have two other options - either you get a Schiit Modi2Uber+Magni2Uber (Modi has the SPDIF input, Magni has the preamplifier output), or you can get an AudioGD NFB-15 for less than the price of a Bifrost (has all the functions of the M2U+M2U, of course, the trade off is the cheaper-looking chassis, and that it's not made in California, if those are important to you). Then again, if you the other stuff near your TV are all black anyways, then the NFB-15 blends in better.
As much as its DAC chip by itself isn't bad, it's not like they really measure the analog output's performance. No guarantees you'd hear the difference but of course it's still a cleaner signal into the amplifier.
Well i dont really need the tubes but it'd be my first tube item... seems pretty cool though... i wont be using headphones with these just Emotiva Airmotiv 4s monitors...
Thinking of staying within the Schiit brand though... what if i were to buy a cheap dac like a fiio taishan?