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.
Copy Artist to Album Artist of selected tracks
Set choice of various number tags of selected tracks incrementally
Change video kind and video related tags of selected video tracks
Exports and then re-imports selected tracks' artwork
Remove iTunes tracks disassociated from files
Append user-entered text to beginning or ending of selected tag of each selected track