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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Assists with tagging and adding PDF files to iTunes
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Convert selected tracks and replace them with converted versions
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Gather audio tracks whose files contain no artwork metadata
downloaded 1h 25m 11s ago
Exports and then re-imports selected tracks' artwork
downloaded 1h 27m 12s ago
Rename selected tracks' Song Names with their filenames (minus extension)
downloaded 1h 30m 50s ago
Remove iTunes tracks disassociated from files