Yes, the pHAT DAC does not have its own amp- it produces line-level output- so you would still use the Picade Amp to drive the speakers. Basically a quick swap in for decent sound!
@Bootnut what power supply are you using? Between pHAT DAC, Picade and possibly the screen you're going to be pushing things to the limit and starting to brown things out. That Picade Amp is a hungry hungry hippo when it comes to power consumption!