Old thread. But EIII is older
So I recently just have tried this, and it works quite well as with Alchemy. With SDII you could also use a bunch of high quality plugins like that from Waves. You would need an old Audiomedia II (Nubus) for this approach, as this has got a DSP for these plugins on it.
While testing I have experienced again the importance of appropriate SCSI cables. Tried different ones, only some of them works reliably. Some of the obviously cheaper nonames often provoked the typical "SCSI Error". The good working brands are Apple, Lindy and Belkin, so top league. One of the needed cables in my setup has to be quite long (distance to the rack), more than 3 meters. To achieve this I connected two quality cables together with a simple Centronics gender changer in between.
The chain:
EIII (with internal CF and Floppy) > external CF-Card Reader (PCD-50B) > CD-Rom (x1 Apple/Sony) > Iomega Zip 100 > HP SureStore DAT24 (Backup Tape Streamer) > Macintosh IIci
Quite long, but rock stable!