This is something we have been talking about on IRC for a while now. There are two options:
1) Fix FAAD.
2) Try and integerize ffmpeg.
I've been working on #1 because from my point of view is probably a lot easier to fix FAAD then to convert ffmpeg.
For reference, with FS#9285, FAAD is already faster then MP3 decoding on PP, although it remains quite slow on Coldfire. That said, if ffmpeg does anything better then FAAD (and I suspect it must given the large list of problems with the design of FAAD), then using parts of it are not a bad idea.