Fiath,
mppenc 1.14 is a good choice (link in my sig) as it's a stable beta and won't add "Unstable/Experimental" to the profile tags in your files.
mppenc --quality 5 --xlevel filename.wav
is the recommended setting. Musepack is well supported on Windows PCs etc, but less so on Apple Macs at the moment. It's also fast to encode and decode, which is a real bonus on top of great quality.
As an aside, if you want wider compatibility with other computers (and hardware players), you might still consider MP3 encoded with lame 3.90.2 (or 3.90.3) at --alt-preset standard, which will be slower to encode, and create a large file, but will only rarely be noticeably worse quality than MusePack.
lame --alt-preset standard filename.wav filename.mp3
One further point - I did some restoration of a cassette-only music release recently and although I used Dolby B to get the correct treble timbre and reduce tape hiss, I still had audible hiss (at about -56 dB from full scale), especially on a quiet tune. After using Exact Audio Copy's WAV editor to Reduce Noise by 24 dB, the musical quality, to me, seemed just as high, with inaudible hiss (you have to be careful to watch out for quality degradation when doing digital noise reduction). On a moderately quiet intro passage about 13 seconds long (where the hiss was clearly audible, and thus being encoded), encoding the samples from "before" and "after" hiss reduction, the MPC bitrate dropped from 167 kbps with hiss to 135 kbps without it and the Lame APS dropped from 195 kbps to 165 kbps.
It is plausible that some of the intended audio got removed along with the hiss, but I tried to audtion my settings carefully and fairly loudly on headphones (even greatly amplifying a fade out to pick up the telltale signs of excessive digital NR).
I'm sending you a PM, Fiath, with a link explaining in detail how I did the audio restoration of that cassette. (I must also try
Audacity's Noise Reduction routine one day)