WiFi Radio / MP3 Player with ESP8266

Hello everyone,

I'd like to make a new project:
Reading in an usb stick with .mp3 files, and playing them.
Moreover to swtich from mp3 playing to a wifi radio station.

Basically I'd like to use a nodemcu ESP8266 for this project.
This was my idea (s. Attachment)


My questions:
Does it work?
Is the controller of the ESP8266 powerful enought to fit these requirements?
Do you have improvements for this project?

Best regards,
Julian

Picture of WiFi Radio / MP3 Player with ESP8266