I've seen some great reviews of this:
http://www.sweetwater.com/store/detail/One/
I'm pretty sure (but not 100%, check around) that it's mac only, so if you're on a PC you might look elsewhere.
But the converters, preamp and general quality on this thing will likely be pretty damn good.
If you're on a PC, I might look into a focusrite product such as:
http://www.sweetwater.com/store/detail/Saff6USB/
based entirely on my own entirely positive experiences with focurite products.
Another way to go might be a relatively cheap interface that doesn't have preamps, such as this:
http://www.sweetwater.com/store/detail/Audiophile2496/
coupled with a high quality dedicated preamp.
Since you're only dealing with one channel at a time, it'll be worth it to get that one channel as high quality as you can.
The Golden Age Pre-73 is a pretty darn good single channel preamp that you could use with that m-audio.
If you're looking to spend less than what
the Pre-73 costs on a preamp in combination with an interface, then skip it and just get an interface with a preamp on it.