Using Audacity to equalize mp3 on CD

MP3 has to be decoded in order to be played. Different decoders may produce slight differences in sound, say, maybe if lame verses if Fraunhofer.

Also, saving an edited file as MP3 will result in further lossiness. That's what MP3 encoders do.
 
Wav file data is already formatted effectively the same as PCM, which is what normally gets fed to a dac. In that case no conversion DSP is needed before sending sampled data to the dac. In other words, the underlying data is not altered.

In some cases wav file PCM data may be converted to DSD encoding before being sent to the dac. In that case some conversion DSP is performed before the dac.

For MP3, decoder DSP must always be used to convert MP3 data to PCM that can be then be sent to the dac.

Something else possibly useful to keep is mind is that every time a wav file, or an edited mp3 file, is saved as an MP3 file, it is lossy encoded yet one more time. Audio reproduction accuracy is further reduced with each new pass through the encoder.
 
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Audio reproduction accuracy is further reduced with each new pass through the encoder.
Yes, that I will keep in mind.

Meanwhile, something else has come up that is somewhat related. I am getting a noise through my speakers when no music is playing. What is revealing is that using a phone-based spectrum analyser, (JBL Tools) shows a marked difference with the amplifier on and off with no music playing, that is, the output from the speaker is different, there is a background 'noise' level.

Will run this thing off batteries and check the difference. The noise is not really audible, but must be having an effect on the analog signal to the speakers, and who knows what else.
 
TLDR. Sounds like you want a compressor/limiter. Or you just need to turn the volume up. It's like complaining that your Porsche is boring to drive at 25 mph.
https://www.behringer.com/product.html?modelCode=P0CCX
https://www.amazon.com/s?k=Behringer+MDX2600
I suggested Behringer because their stuff is good value for money and a couple of notches better than the karaoke/bedroom-DJ brands, but visit local music stores and see what they have in used gear.
If you want to DIY:
http://www.thatcorp.com/4305_Low-Cost_Analog_Engine_IC.shtml
 
Came across this in the Behringer web site. If the vacuum tube sound can be simulated, is it implemented on other equipment? More relevant to this discussion, is there information added or subtracted by the tube effect?

Revolutionary Tube Simulation​

The secret behind the COMPOSER PRO-XL MDX2600’s incredible sound is our Tube Modeling processor, which exudes the very essence of tube and compression. This amazing circuitry accurately emulates the performance characteristics of highly sought-after classic tube compressors, creating a sound that is so rich in harmonic content – you’ll wonder where we hid the tubes!

https://www.behringer.com/product.html?modelCode=P0CCX