I'd say the DAC itself is probably similar in both the receiver and $350.00 player but it's how the analog is treated afterward and how good the analog circuits are that count. This would be a tough call.
My suggestion would be to buy one of the $350.00 players from a place that allows the 30 day return, do the comparison and if it's not worth it, return the CDP for a cheaper one. I don't typically recommend Yamaha for much but when I was looking for my daughter a cheap 5 disc player I was impressed with the Yamaha sound. It was cheaper than Onkyo and Denon which were the ones I compared the Yamaha to. The latter had better bass definition but the Yamaha had a more natural and open midrange. I was surprised there was even a noticeable difference in that entry level price point. The Yamaha was $150.00 or less.