Well, you can rip it to PCM encoding (WAV lossless), Monkey Lossless (.APE with a .CUE designator file) or the popular Free Lossless (.FLAC). This way you truly preserve the CD.
I recommend dBpoweramp CD Ripper or maybe Exact Audio Copy (I have not tried).
Are you ripping it from a cd you made using the 256kb mp3s prior to deleting it? If so, then I'm assuming you could either rip it as any of the lossless files mentioned above to retain the mp3s sound but if you decided to rip it as an mp3, aac or whatever it would further "dilute" the sound file and could sound worse.
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