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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Locates pairs of track entries pointing to the same file
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Remove iTunes tracks disassociated from files
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Create a playlist for each entry of a specified tag
downloaded 37m 18s ago
Create new playlist of track number-ordered tracks based on artist, album, and disc tags of single selected track
downloaded 46m 40s ago
Delete empty playlists