This script converts the files of the selected tracks in iTunes using an encoder of your choice on-the-fly (restoring your Preferences-set encoder afterwards). The newly converted files are then moved to a new location of your choice, and their tracks removed from iTunes.
OS X 10.6.8 or better.
Also see ConvExp to Album Folders.
Export album artwork as folder.jpg to Album folder
Export artwork of selected tracks to parent or specified folder
Remove iTunes tracks disassociated from files
Log playing tracks to text file
Resample selected tracks' artwork to user-set size limit
Update subscriptions which have expired by virtue of being ignored for five or more days