Sorry for delay - person at AP I emailed was away on his honeymoon, so probably not thinking about Bluetooth stacks too much. The answer is:
"A wireless USB Bluetooth Audio dongle declares itself as a soundcard so that the PC sends it the audio, it then compresses it and then send it over the Bluetooth link a Bluetooth audio receiver.
"The DacMagic performs a similar function and works with a PC by also declaring itself as a USB 2ch audio device so that the PC sends it the audio over USB (uncompressed) which is then upsamples and plays back.
"You can't plug the Bluetooth adaptor into a DacMagic as you'd have the adaptor and the DacMagic both declaring themselves to each other as soundcards and trying to get audio from each other..!
"One way to think of it is that you'd be trying to use the Bluetooth adaptor in reverse.
"However if you can find a completely transparent wireless USB link so that effectively the PC and the DacMagic just think they are just connected by normal USB then it should work.
"If the link only supports a specific USB Class, i.e. it's for wirelessly connecting a Flashcard or a mouse or something then it also wouldn't work."