This is what I've discovered after 20 years of research, well not quite 20 years but....
Using Amiga AMP
If you've got an 030 don't even bother trying to use AHI, use the built in audio player instead. Also with an 030 you cannot do much in the way of layer 3 decoding so turn that puppy right down (under AMP settings).
With an 060 you can use AHI (v4.18 don't forget!), use the AHI 16bit tune-up tool and fix up your particular machine to play the best possible 14bit stereo sound (removes hiss). Choose Stereo FAST++ 14bit mode, that's the best one for an 060, choose an output rate of 22050Hz unless you are running in a 'scan doubled' mode otherwise you can push that old girl right up to 44KHz (I'm talking about Paula users obviously).
Actually I found an even better way recently. Using 'Exact Audio Copy' you can rip CDROM tracks to WAV (PCM uncompressed audio and exactly what Paula likes best). You can then play these WAV tracks back easily with AMP, really great quality 720 k/bit sound files with low CPU usage....awesome.