Doing things pointlessly wastes time, but people do it anyways to learn or as a hobby.
I know that digitizing old Vynil records is entirely possible, but if not needed, then why do it?
Would you enjoy the process or learn something valuable?
Since you mentioned famous artists such as Chicago and Billy Joel, finding better lossless recordings for both should not be challenging and the cost, you have to consider the value of your own time. Using audio cleaning software can be both expensive in terms of licensing and time spent cleaning the audio. Considering all costs, finding a lossless track online could be a cheaper alternative.