I assuming you are talking about converting MPEG4 audio layer files to mp3, so a *.m4a to *.mp3 conversion, not extracting the audio layer of an MPEG4. For those wanting to, quicktime pro should allow you to save the audio layer as an aac file, (so m4a), then if you really need to downgrade the quality to mp3, continue as described above.
Any files you ctrl-click or right click, you can convert to the same as your default by selecting the convert option. Say you have a 320kbps mp3 track you want to convert to 128kbps aac, set your importing to 128 aac under preferences and then when you go to select convert, it converts to what you have set under preferences' importing panel.