Is there maybe a better wireless solution to address my situation?
Yes use iTunes to rip CD's as Apple lossless audio format (no quality loss). You must go into settings and pick apple lossless under import settings.
Buy an Airport Express hook that up the speakers/amp where you want the audio to come out from. The AE has a 3.5mm analogue audio output that also doubles as a mini-optical digital output.
Play music in iTunes, set Airplay output as Airport Express. Audio will go to the speakers, if you get an iPod Touch you can use the Remote app from Apple to control media library of iTunes running on the PC/Mac by turning on Homesharing.
You can do something similar with the PR0SC5507 by the sounds of it, most likely a DLNA audio renderer similar to Airplay but your media still needs to exist as digital audio files on the network by ripping with iTunes or something else.
What your looking for originally, I'm not sure exists it would be a very specialist item.