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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Change selected tracks' Start Time or Stop Time by user-entered seconds
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Move selected playlists to a new or existing folder
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Re-locate files of selected tracks to new folder, preserve track meta-data
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Copy files of tracks to selected folder
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Exports and then re-imports selected tracks' artwork
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Remove iTunes tracks disassociated from files