What can be different is output level and possibly noise levels .
Outboard DAC means rightly that it has to look onto the spdif or toslink. But both usually works fine in practice.
If the old disc spinner still holds it specs ( or close to ) well now you also got yourself a nice DAC that also does other tricks like USB and other digital sources . You may find it useful for playback from a computer.
Personally I would hedge against eventual failure of disc players in another way and already done so.
Rip everything to lossless flac files ? Have a computer based or streamer based playback system .
If you really have a interest in classic hifi for the products themselfs and their history
you may keep on using the CD player as you where and possibly find out if you can service it somewhere if it breaks, but I would not touch it unless there is an obvious problem. There are to many people out there doing modifications or other botched things to old hifi, it can be a challenge to find the rigth help.
If you just want to listen to your music , then there are other options .
Edit: if you have a tv or set top box with digital out now you have the E50 for those chores .