I have another thought for you. In the original post, it looks like you were intending to make CD images, then rip them later, so I'm assuming that you have a bunch of hard drive space available. If that's the case, I'd recommend doing the imports to Apple Lossless format (Edit - Preferences - Importing); it should process 2-3 times as fast as AAC or MP3 encoding. You should also set (Edit - Preferences - General) the CD insert preference to "Import Songs and Eject", which will save you a bunch of keypresses.
Then, when you get tired of sticking CDs in your computer and plan to take a break, sort your playlist by "Kind", select all the Apple Lossless files, change your encoding method to whatever method you want, and select (Advanced - Convert...) to reencode, and walk away. This might be an overnight process, depending on how many CDs you ripped. Finally, delete all the original Apple Lossless files while in iTunes, and when it asks, have it delete the songs from your hard drive as well.
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I can't read your signature. Sorry.
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