it would be a lot better to just start recording music at 24 bit 48kHz.
As for MP3, it is an outdated technology, much like a Pentium single core processor.
Developed in the early 1990's, it's been superseded by OGG, which at this moment still rains as king.
After OGG is AAC, which is extremely good for ultra low bitrate recordings (like speech and teachings for mobile media or web media).
MP3 shines in no area.
The only issue with 24 bit music, is that it is yet not compatible with OGG or AAC encoders.
24 bit music has a dynamic range higher than the ear can hear (more than 144dB, which is also more than vinyls), and at 48kHz recordings (in reality are 24kHz recordings as they are 2x24kHz audio signals), with interpolation, is going beyond the range of the ear. The ear can only hear somewhere between 20Hz and 20kHz, most of them only 30Hz to 16kHz.
So in essence, there is no reason why to go as far as developing a new medium. Just develop new hardware that is capable of encoding/decoding 24bit 48kHz audio into an OGG container, and you'll end up with an indistinguishable audio from the original, minus the cracks and pops and wear that vinyls have!
Why waste infinite amounts of raw data that one can't hear anyways?
It's like saying "Let's create a tv that records X and Gamma rays too!", that way our recordings of 1 minute video can increase in size drastically, but people won't notice a thing anyways, because their eyes are still limited to the visible frequencies!