Audioquest Dragonfly between CD Player & Pre-Amp

I use an Audioquest Dragonfly as a DAC between my Laptop & Pre-Amp. I have been pleased & recently upgraded my Audioquest Dragonfly Black to Dragonfly Red. So.... I have a dragonfly black at loose ends. I use an Arcam DVD player as my CD Player. I note the Arcam has an HDMI output, so, he wondered, evilly, if the Audioquest black could be placed between the Arcam DVD Player and the Pre-Amp. Not only could it but would it offer any sonic advantages? 
You may run into issues with movies as the digital signal may not be compatible with your DAC. Any multi channel, as in more then 2, could cause issues. best if you have them both try it. I find on my Blue-Ray player my DAC works on some stuff not on others.