Close... If you want the functionality of AudioCatalyst but with the ability to use whatever encoder you want, then use AudioGRABBER and the the encoder (ie. LAME).

This is how I am ripping CD's, after much evaluating of various rippers/encoders. Overall it's the best compromise that I have come across -- rips the .wav file quickly and without any problems, and then does a quality encode.

However, in order to rip a whole CD you must purchase AudioGrabber. If you don't have the ability to do this right now, my second choice would be CDDA.