If you are on Linux, Lame and a few lines of script would do what you are looking for. On windows, err.... also Lame and a bit of scripting

Of course, the main problem (especially timewise) is ripping, not encoding.

Good Luck!

Dragi "Bonzi" Raos
Zagreb, Croatia
Q#5196, MkII#80000376, 18GB green
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Dragi "Bonzi" Raos Q#5196 MkII #080000376, 18GB green MkIIa #040103247, 60GB blue