If encoding speed is of great importance to you, and you want to switch to a better MP3 encoder, there is a 'fast' switch in LAME too. For example, the command line that I use presently for speedy encodes where quality isn't
quite as important (for portable) is:
--alt-preset fast standard -Y
128kbps cbr with Real is definitely a compromise that I wouldn't recommend unless your hearing isn't very good or you're listening in an environment where quality isn't important.
If you're willing to try a different codec, MPC (MusePack) using quality 5 will sound vastly more transparent, without
too much of a file size penalty. It is my lossy codec of choice when compatibility in a portable isn't an issue. (I would suggest that even quality 4 would be much better than 128kbps cbr Real though I don't think many people use MPC below quality 5.)
As for whether you "should" re-rip all of your CDs, well that is up to you. I would ask how many CDs you're talking about. Also, can you hear any artifacts, or do the Real files sound good to you? I wouldn't be happy with them, but that doesn't mean you can't be.
Also, even if you don't want to re-rip and encode all the albums you already did, why not start today using a better format like LAME --aps or MPC quality 5 for future encoding?