Please excuse the fact that I just registered, too; I've been lurking Head-Fi for a while now.
If I may shamelessly plug: I wrote a free and open-source program that sounds like it will suit your needs perfectly:FlacSquisher | Get FlacSquisher at SourceForge.net
Run the program, select MP3 encoding, change the command-line to "-b 320", and you're good to go.
Personally, I rip to FLAC with EAC, and listen to the Flacs when I'm at home, then I use FlacSquisher to convert the Flacs to Oggs so I can listen to them on my Rockbox'd Sansa.
I hope it helps!