Not knowing the makeup of your audio gear or setup, other than your "old" receiver...
It sounds like you want the player to do double-duty as both a home and portable to-go device. Note that MP3 is a lossy format; there's no getting around the fact that the typical MP3 file will NOT sound nearly as good as its CD source original, particularly with most existing consumer home gear. Only with the latest digital signal processing tricks (i.e., meaning new state-of-the-art, bleeding edge gear) can you make lossy content sound almost as convincing as the CD original. Your 'old' receiver will exacerbate the sonic compression of MP3s, giving you poorer sound quality overall. If you are looking at ripping digital files, at the VERY least you should rip to a lossless format. Personally, for home use I'd look to a media server appliance (or even a computer); that way your storage needs would be only limited by the size of your hard drive. That won't address any portable/mobile needs you may have, but at least with a solid lossless source library, you can always create MP3s for use when you're on the go.
Not knowing how large your CD library is, it's difficult to gauge how much storage cap you'd need. But depending upon a flash-based player will certainly be a hindrance in the future, if not now. A 32GB cap (which is NEVER truly 32GB, of course) gets swallowed up pretty fast, even with lossy MP3s. Go lossless, and it'll get used up even faster.
My Sony Juke boxes are dying. Looking to rip and burn the CDs onto other medium --probably a MP3 player..32 gb..one I can use with an aged receiver for my stereo system. Prefer flash drive..Would like abilty to use playlists and random shuffle. Ideas? Is this way best way to do it?