No. There is no codec that would control the CD player and convert the stream.Can I plug in my Apple stand-alone, USB-powered CD player and get audio out of the Model 3's speakers somehow, without ripping or otherwise investing time or money into more labor intensive intermediary conversion methods?
Simply throwing a large batch of files onto a flash drive isn't a whole lot of work. There are some formats that the system doesn't support (Apple Lossless being one), but can be easily converted using a free program called xACT.
I can get more in-depth if you want, but that can get you started.
ETA: a thread showed up for me where is looks like a Model S owner found one that worked: A CD player that works via USB - finally!!!