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.
Also see M3Unify, an application that provides many more options for converting/exporting files from iTunes.
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Delete characters from the beginning or ending of selected tracks' name, artist, album, comments, composer, or show tags
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Export album artwork as folder.jpg to Album folder
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Search Spotlight-indexed drives for audio files based on Album name
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Append user-entered text to beginning or ending of selected tag of each selected track
downloaded 54m 4s ago
Rename selected tracks' Song Names with their filenames (minus extension)
downloaded 57m 22s ago
Copy files of tracks to selected folder