Mike, no, no, no. The needle runs around the CD and the little scratchy sounds leak out the front connector, through the tubes, straight to your ears.
Drives with a headphone jack only need power and a command to start playing. There's no bus overhead beyond status checks by the controlling program. The little 4-wire MPC cable is just analog output of left, right, and one or two grounds depending on connector type.
Makes it fairly useless for anything but plain audio cd's, which I'm sure contributed to the jack's demise. Support departments would get tired of explaining things to mp3 users.