Vinyl is reported to have a noise floor of roughly -65dBFS, so I don’t see how any ADC or conversion technique can make it better than CD at -96dBFS, unless you are adding noise-shaped dither, in which case the same can be done for 16/44.1.
I submit you may not have experienced the range of features and options available in Adobe Audition. Adobe purchased Cool Edit 2000, and has made a lot of improvements. (I started with Cool Edit 2000)
Audition's 'Analysis' of LPs before click and pop and other noise reduction says LP dynamic range starts in the 40s for bad ones, and I'll agree with your number of 65 for only the very best. (very rare) I can't recall the last time I saw one that good. They are typically in the 50s. (per Audition)