Generation 1 Apple TV as a music server

I'm looking for a music server to add to my hi-fi system. Have previously considered the Mac mini(base model), but my budget cannot reach to that level.

As an alternative I'm considering the Apple TV gen 1, as I want to sync all my iTunes music files(AIFF) to its hard-drive, and use that as a hi-fi front end.

Any advice on this choice, or others would be appreciated.