Head Spinning on Creating a Apple Lossless and AAC libraries

Question

I am contemplating archiving all my CDs to an Applelossless library using iTunes. Before doing so, I have some questions. We are in a WIN XP environment.
1) How do I convert an Apple Lossless album to AAC format with all the album info in tack to a separate iTunes library?
2) How do I give multiple WIN XP users access to this single AAC library via iTunes to load their iPod or buy music for this single AAC library?
3) If I add CDs to the Apple Lossless library using iTunes, is there a way to keep the AAC library automatically in sync?
Is there a better approach I should consider?
Thanks for the help experts!

Answer 1

To set up another library in the same Windows user account hold down the shift key when starting iTunes. In one library have your lossless files. In the other library have the AAC files. In the second library import the lossless files with settings set to convert to AAC. To allow multiple users access to the same file store the library where they both have access. Each library is independent, changes in one are not made in the other automatically. You will have to add to one in lossless, go to other library then import the files there.
Better approach. Maybe. I think it is a waste of space to use Apple lossless. My hearing can't tell from AAC 192k from CD. So I just use AAC at 192k or 160k. Even lower for audiobooks.