I strongly suggest that you use MONO with such low bitrate. You will get almost twice the quality and if your sound file doesn't have much difference between channels, you won't lose all that much!
Offcourse, also your problems with resampling will disappear (this goes for as low as --preset 60; however, you should not use less than --preset 80, as ABR is not tuned as well there.):
CODE
C:\temp\test>lame --preset 100 -m m test.wav
LAME 3.97 32bits (http://www.mp3dev.org/)
CPU features: MMX (ASM used), SSE (ASM used)
Autoconverting from stereo to mono. Setting encoding to mono mode.
Using polyphase lowpass filter, transition band: 20094 Hz - 20627 Hz
Encoding test.wav to test.wav.mp3
Encoding as 44.1 kHz average 100 kbps single-ch MPEG-1 Layer III (7.1x) qval=3
Frame | CPU time/estim | REAL time/estim | play/CPU | ETA
259/259 (100%)| 0:01/ 0:01| 0:01/ 0:01| 5.8527x| 0:00
32 [ 25] ****************
40 [ 0]
48 [ 0]
56 [ 0]
64 [ 7] *****
80 [110] *********************************************************************
96 [107] ********************************************************************
112 [ 1] *
128 [ 0]
160 [ 3] **
192 [ 2] **
224 [ 4] ***
256 [ 0]
320 [ 0]
-------------------------------------------------------------------------------
kbps mono % long switch short %
85.7 100.0 98.6 0.4 1.0
Writing LAME Tag...done
ReplayGain: -3.3dB
EDIT: Fixed typos and added some info.