Concerning iTunes Library and maintaining multiple bitrate versions thereof...

I have iTunes set to rip at lossless, which is fine, as I am willing to add terabytes of storage to my library if necessary.

I have a 120 gig classic, I dont mind the fact that I can fit less songs in a higher quality bitrate on this device.

I also just got a 8 gig nano, and I would like to upload everything onto it in 128 instead of lossless.

I dont want to convery my who library as I would prefer to preserve it is lossless...

Any advice?

Would prefer to manage it manually. I think I came up with a system.

I backed up the orig library, then converted the whole thing.

Its kind of a pain.