Lawsy carriages would be far and away the best mechanical upgrade you can make right away. that and new, more robust pulley blocks for the front Y belt pulleys (my stock ones cracked making for some interesting print issues).
I am still running the stock belts & pulleys and Z screw, no other real changes aside from a bed stabilizer in the front to keep shaking to a minimum and a fan on the X motor. I even still have the stock SD hot-end. My prints have improved dramatically with the Lawsy carriages - cleaner, more dimensionally accurate, and circles are actually circles now instead of circular shapes flattened on 2 sides.
Cutting print-head drag by installing the linear bearings in the Lawsy carriages will go a lot further towards better prints than changing to direct Y drive will, in my humble opinion. the bearings make getting proper even tension on the belts much easier, too.
Don't get me wrong - direct Y drive does seem to be a nice improvement, but, personally, I wouldn't be going there first. Just my 2 cents worth...
SD4 #1 & #2 - Lawsy carriages, E3D v6, Rumba controller board, mirror bed plate, X motor fan, upgraded PSU & Mica bed heater
SD4 #3 - in the works ~ Folgertech FT-5, rev 1
Printit Industries Beta Tester - Horizon H1