Need to consult with an audio engineer.

[pizh0n]

damn, I'm glad I just put on a record or cd and just listen to it.

CD...?! Nigga pleasee.

[Music Head]

CD...?! Nigga pleasee.

what?
are you a vinyl only guy?

[pizh0n]

what?
are you a vinyl only guy?

I'm more like a iPod guy

[Music Head]

I'm more like a iPod guy

oh, sorry
whitey, plzzzzzzz

[the nice dude]

First off, you will never achieve perfect quallity when encoding in a lossy format.I have no idea how it should be possible to convert anything to 320 at such a small file size.
High quality comes at a price and everyone who truly wants to download high quality rips will understand that these will demand much more disc space than 128 rips - although I doubt that even half of your potential users could distinguish a V2 rip from the original by ear. However I wouldn't go as far as to suggest 128 MP3s because, given the right speakers, even untrained ears may be able to tell the difference.

Imo you can put the idea of 3mb 320kbps MP3s right out of your mind. You do the math: a file that is encoded at a certain bitrate X is X*15/2048 mb per minute. Insert 320 and see why I can't understand how you can possibly think this would be feasible.

Either bear with increased file sizes or offer different encodings like the original FLAC file, V0 and V2. You don't need 320 unless you're streaming and have to enforce the upper bitrate but I think the absolute minority of your users will be doing that.

[the nice dude]

On a personal side note: I, for one, wouldn't be too thrilled about a site that offers Usher and co in high quality. While that attribute may be true for bitrates and stuff, the music itself is still mediocre at best.