You'll be in for a lot of work if you want to track down the "best" version of a given album and can't hire someone else to do it for you.
As you've discovered, the most import factor in SQ is the recording and mixing, not the format. A well mastered track compressed to 128kbps with LAME will be much more pleasant to listen to than the same recording loudness warred to hell but put on an SACD, DVDA, or 24/192 FLAC download.
If you really wanted to you could ask around on music forums and find out if releases of an album on different formats or released at different times are different masters and which one is considered the best. Then you'd have to track it down and rip it which gets a little harder formats like SACD and what not since they're uncommon. I'm not sure where to start with those, but it shouldn't cost you any extra money once you've bought the disc.
Ripping vinyl can get expensive if you're building from scratch. Besides the stuff you'd need to just to play records normally you'll probably want a nice 24 bit ADC with as much dynamic range as you can afford. Even though you don't need the final product to be encoded at 24 bits you'll want plenty of headroom so you don't have to play the record twice to record it, once to find the peak level to calibrate the gain and the other to actually record it. With enough headroom in the ADC you can set the gain well under any likely peaks, record in one pass, and still get a full 16 bits of dynamic range without any clipping. That's more than most vinyl will have anyway but it lets you save a lot of time and the first play will be the cleanest too.
After recording you've still got to cut the single file up into separate tracks and get them tagged. Some software can do the cutting automatically but it won't be much good unless its absolutely perfect because double cheeking its work probably won't take a whole lot longer than doing it all yourself.
In short, its ton of work. I probably wouldn't bother except for your favorite albums. I'd lose my mind if I tried to do that with all my music...