Is it possible to set iTunes to convert files as it copies to an iPod Classic

I am considering copying all 1000 or so of my music CDs onto my computer (in lossless format of course). Big job ... I'm pretty confident it will all fit on my hard drive, but not on an iPod Classic's hard drive, which I am thinking of buying (once Apple update them again, probably in September I guess?).

But, it should all fit on a 160GB HDD at a 320kbps AAC rate. I'll do some testing, and if there is little to no discernible loss in quality between 320 kb and Apple Lossless...

... will it be possible to set iTunes to automatically convert the lossless files in my library to a 320 kbps AAC format as it syncs the iPod, without copying the lower bitrate file to my library, just converting it and dropping it on the iPod on the lower quality setting, like I know you can do with the Shuffle? (but that's only 128kbps AFAIK)

Thanks.

 

That will be perfect! Thank you