Request for Guidance on Optimal DSP for Audio Application

Hi,
I am designing an audio DAC and my intention is to use a DSP to interface with the CD player to receive the optical or coaxial signal.
I have been examining the Elektor series from 2011 on using the Freescale DSP 56000 series devices.
The capability I wish to implement is as follows :
1. Accept the I2S input signal.
2. Implement a circuit that allows the DSP to be programmed whilst in situ.
3. Implement oversampling of the original incoming signal sampling frequency ������ such that for 192kHz sampling frequency, oversample to 64x.
4. Implement sample rate conversion ������ which for example would be 44.1kHz to 64x 192kHz
5. Implement filters of many taps as possible
6. Implement a non linear transfer function such as a square law transfer function.
7. Implement external RAM and ROM ������ to ensure that the system is capable of further enhancements.
The questions I have ������ :
Q1. Is it better to implement in a fixed point DSP (Freescale 56000 series) or an alternative floating point DSP ?.
Q2. Which DSP is optimal for the above design criteria and capability ?
Q3. Freescale offer free development tools ������ is it possible to select an alternative manufacturer ������ that also offers free development tools ?
This is a personal project ������ and although I am a novice at DSP programming, I would like to ensure that the DSP selected has the capability required. I am designing the schematic and PCB ������ I just wanted to ensure that once I commit to the PCB manufacturing and building ������ I have a design that will work as required.
Thanks and regards,
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