I have a coby mp3 player that uses an ALi chipset. From the research I've done on these chipsets the firmware tools will allow you to take a binary dump of the entire firmware. The tools that program the firmware expect a different format however. The ISP tool will allow you to program the firmware but it seems to want a small section of the binary at a time rather than the entire dump. I cant exactly say how this works because I am unsure.
These is another tool usually included called Factory4.exe. This tool will program a firmware onto ALi devices however it expects the firmware to be a cab archive with each section of the firmware clearly defined in it. This link has some very useful information about the process.
ALi M5661 Chipset MP3 Player Recovery and Hacking - Loading New Firmware
Another thing to note is there seems to be different versions of the ALi chip. There is a M5661 and a M7108 chip it appears, as well as other variants in the respective series. Both of these chips require slightly different ISPtools to be able to program them as well.
I hope this information helps you.