As many may know I have always been in favour of using reference tracks they are very useful in my opinion. But there a few things that need to be observed in order for referencing to be really effective.
The reference source (eg a outboard CD player) should have nothing to do with any masterbuss or even the main outs either. The best place for reference sources is another input altogether on your mixer for example. If you don't have it, a better option might be to get into a monitor controller or something that will allow the selection of input sources feeding your monitor speakers. Your interface outs being one input and the CD player being the other.
It is vital that switching between your mix and the reference source be instant. No mouse clicking nothing like that. Also and this is
very important, the level of reference must precisely match your mix as well. This may mean inserting some sort of variable attenuator between the reference output and the input it is connected to. (or a CD player with a variable out is also OK, even headphone out with volume control is OK) The reference will be mastered and way louder than your mix so it needs to be pulled down. You can match by ear but some sort of metering is better if possible and VU metering is the best for this.
You do not need multiple references either just a track that is right in the ballpark of the mix you are doing. When I do work for clients they will always have music that is right in the genre you are doing. It is a great thing to do because it
eliminates the speaker and acoustic variables in your setup in one hit.
Your mixes will get better fast if you use references because every time you switch to the reference you will hear a well mixed track and then when you switch back you can make the necessary changes to get closer to it. Also software that analyses the sound of a reference eg EQ and then applies it to your mix is not the way to go either. It is best to learn to listen to references and then apply what you are hearing to your own mix. Much better way to go. It will improve your engineering skills as well.
This software may be OK and I am sure it is but an outboard input switcher to your speakers would be a better investment IMO. They don't cost much either or they would be easy and cheap to build too. If you do build one you could include an input volume control on the CD source to enable the level matching.