You still haven't talked about the reason for converting, other than easier to use. I can read between the lines and guess that you are copying the files to some special device that doesn't like MP3,but no idea what it is or why MP3 doesn't work with it. Also, are you settled on using AAC format? I think it is a more advanced format intended to replace MP3 (Haha... sorry, just thinking about how long these PC guys took to give up on Windows XP-- they will fight much harder before giving up MP3 and AVI),
Try Max for conversions. It has a batch feature (drag a dozen files to the window and click the Convert icon). Here is the comparison I got:
Using iTunes to convert a 3:02 length song, 192 kbps, 4.2MB MP3 to AAC 128 kbps, 2.8 MB, the conversion time is 59 seconds.
Using Max (free) to convert the same MP3 to the same setting of AAC 128 kbps, 2.9 MB, the conversion time is 37 seconds.