Also, not certain if there is a loss of quality in going from the Apple standard to MP3 but that is okay since most of the devices that we play the songs on are not the best acoustically.
The iTunes converter offers both MP3 and AAC at bit-rates up to 320kbps stereo, with optional VBR (variable bit-rate) where 320 is a minimum guaranteed bit-rate.
Given that the "Hi-Fi Transparency" standard is 128kbps per channel (thus 256kbps for stereo), I doubt anyone's ears can discern the difference between 320kbps and either lossless PCM or the original analog.
Another example of your ignorance of what you are talking about. MP3 is a lossy standard. Apple lossless is exactly what it says it is. . . when ever you continue a statement with "but" that "but" denies everything you said before it. Just admit you don't know what you don't know.