I would think that if you are thinking about a bitrate greater than 96kbps for WMA, then you should definitely be thinking towards something higher quality than 160kbps for MP3s. I have recently found that the --alt bitrate standard setting in Lame is identical to my ears to a cd, at least with the cds I've tested so far.
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_____________________________ It's getting to be ri-god-damn-diculous.