macOS 10.10 and later only. 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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Display, create text file listing info of dead tracks
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Export album artwork as folder.jpg to Album folder
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Export artwork of selected tracks to parent or specified folder
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Restore each selected track's artwork from an image file stored in its Album folder
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Exports and then re-imports selected tracks' artwork
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Perform search-and-replace on text in your choice of tags