This is a fine DAC but old technology at this point. Not sure, but it may be the similar to your CD Player inside so the improvement would be small, mainly the result of the benefits of a separate DAC / Box and power supply. You should not have to pay more than $100 for it at this point.
One used sold on eBay last week for $80. (Item#1212047741)
One used sold on eBay last week for $80. (Item#1212047741)