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now that's a tricky question!
On the one hand, copyrights cover the song, and mechanical rights cover the performance, so one would think that if either changed it would require re-licensing.
On the other hand, you do have a licensed copy, and (by my understanding, and I am not a lawyer) that entitles you to make copies.
On the third hand, the copies you make are supposed to be from your original.
From a practical point of view, unless your turntable, cartridge, stylus, and records are all in bad shape I'm not sure that an MP3 copy of a CD would actually sound better.
Bill
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