...and V2 is the proper terminology, which was really my initial point. Whether -V2 gives you 192kbps depends on the file being encoded.
192 ABR would have been ok, but VBR is about constant quality, not a specific bitrate or even a range of bitrates. The
chart given in the wiki is just a rough guide as to what bitrates to expect.
So getting back on the setting in the drop-down list...
The option you've shown passes the following:
-v -b 192
This tells Lame to use the old VBR method with a minimum bitrate of 192 kbits and the default V setting. I believe the -v option was removed as of 3.97.
Thank you for providing the screenshot. You were right that EAC provides the option that you described. My apologies for doubting that it existed.