It's out of print? That sucks. Definitely a great practice tool. It does a few things for me. I'm already a pretty good reader, but all the accidentals and odd intervals would be good practice for that as well. Actually, it's still good reading practice for me, because he uses such rhythmic variation and displacement in the phrases. Particularly, in the melodies there are a lot of accents that you have to think about to get right, and phrases starting in weird places in the bar, and so on.
1) you are forced to play in different positions on the fretboard, and use weird fingering patterns. You will really deepen your knowledge of the whole neck. There's a difference between being able to say nth fret of X string is Y, and being able to play a line as easily in the 7-10 frets as in the 2-5 frets.
2) you play enough of it, you start playing "Parker-esque" figures automatically.
3) the songs are often supposed to be played very fast, so it's good practice to get them up to speed.
4) When some hotstuff sax player calls a CP tune, you can say, "Mind if I take the melody and first solo?"
If you can find the C treble clef one, get that, and learn to read treble clef as comfortably as bass clef. I promise you this is a great skill to have.
