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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Search YouTube using tag info from selected or playing track
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Perform search-and-replace on text in your choice of tags
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Exports your choice of title, artist, album, time, and size of the selected tracks to the clipboard or a text file
downloaded 31m 55s ago
Remove iTunes tracks disassociated from files