Yes, it is a reliable DSB modulator. They're often used by hobbiests to demodulate FM stereo signals.
Sorry, I'm not much help with audio filters, but if you're trying to filter out one of the sidebands, obviously a high Q filter is required.
At RF this task is usually done with crystal filters. But at 400KHz, it could easily be done with a good DSP filter.
If the purpose of the task is use some sort of LCR filter combination, then something with five stages should be more than enough to filter out the unwanted sideband. Parallel and series frequency response formulas is where I'd start.