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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Convert or import tracks with any encoder on the fly
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Remove iTunes tracks disassociated from files
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Convert selected tracks and export the converted files to a new folder
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Load this script in your Login Items to activate an iTunes playlist at startup