I assume you're someone who never broadcasts live. Arguably the majority of stations will at *some* point do the occasional live broadcast, which is the main reason this approach is unsuitable.
The other major problem is that your MP3s would all need to be CBR-encoded. If they're VBR-encoded, the only way to accurately determine their length is to analyze the *entire* MP3 which is prohibitively slow to do in PHP. That's not so big a problem in the upcoming v3.0 release of Centova Cast, whose backend is written in C, but for the current pure-PHP release it's not suitable.