heres my suggestion, keep in mind I'm not the audiophille type of person who absolutely needs lossless and 320kbps mp3s all the time.
are your 128kbps files in stereo? If it is, in my experience 128 in stereo sounds pretty bad. HOWEVER, a 128kbps file in joint-stereo sounds much different, much better than stereo. If its in stereo, I'd do a test, rerip from cd in 128 joint stereo, if you can tell a difference between the two 128 files, then you should rerip. (but dont bother ripping to 128 joint stereo, go higher)
however, I'd just rerip your favorite songs first, and gradually rerip other cds when you want (to save you the stress) If your ripping to mp3, I'd suggest using EAC and LAME 3.97b2 only. Also use vbr presets, and joint stereo. Check the faqs at hydrogenaudio.org for more info. Use preset alt-standard with LAME 3.97b2, you dont have to use EAC, if you have another program that uses lame use alt-standard preset or better.