I won't be nasty pointing you to the recommended settings displayed in this forum (though I should).

If you want MP3, recommended encoder is LAME version 3.97
Setting I recommend for your music -V2 --vbr-new (~192kbps)
If you're too picky -V0 --vbr-new (~245kbps)

I chewed and swalled for you.
If you want to eat more yourself, look for the sticky topics in MP3 sub-forum.