I'm far less ambitious, but I ripped my entire 100+-disc collection to FLAC years ago. I've set up a mutant shell script/Makefile hybrid that can transcode the entire FLAC tree to whatever format du jour makes sense (Opus these days), while doing it all in parallel and using all cores (really all but one to keep the system responsive). Album art in the FLACs gets carried over along with tags.

On the LAN, the FLACs just sit in an NFS share, while on the phone, Foobar2000 works nicely with the Opus files.