Fortunately I was a bit of a latecomer to the scene and I was able to research before I did anything. I ripped all of my CD's to FLAC, a lossless format (Free Lossless Audio Codec). Only with lossless formats can you do what you're trying to do with your MP3 collection - that is to restore to "original" quality.
MP3 isn't as much a "compression" format as it is a "stripping" format. It strips away details from the music that it calculates you won't hear, and with 320 KPS at least, it is mostly transparent. The downside is that once it's converted to an MP3 format, the fidelity of the original recording is lost forever. For this reason many people, myself included, have a FLAC library for home use, and an MP3 library for portable use where space is an issue.
It is my opinion that MP3 will at some point become obsolete and FLAC, ALAC, and other lossless formats will dominate. If I pay $15-$20 for a CD, I want to maintain CD quality sound. With many portable players having an expansion slot of some kind, usually SD or MicroSD, even portables can use FLAC files. The 100GB needed for my entire collection is within reach using a few MicroSD cards.