I think your methodology is reasonably sound. I don't think that converting to FLAC in foobar would be any quicker than using EAC; however it is no slower either.
I use a similar scheme: Wavpack images for archiving and LAME -V5 MP3s for playing (PC; car; DAP).
Given your question, it's probably worth mentioning
REACT, which is an application that wraps EAC, and allows you to perform multiple steps when ripping.
In essence, you could use REACT to get EAC to create the FLAC image, MP3s and M3U. I'm not sure why you'd want a playlist for the FLAC file (but you can, of course).
Of course, if you are happy with the small amount of manual work in your current system then I wouldn't persuade you to reconsider. I guess it all comes down to how lazy you are.

With regard to your current set-up: couldn't you just load up the MP3s into a foobar playlist and then save that playlist in the folder as an M3U?