conversion

Hey everybody,

I have recorded my songs in 24-bit, and as the last part of the process, as I am mastering, I am also using a 'UV22HR' plugin to convert into 16 as I create the WAV files. At least that's my understanding.  However, I'm reading now that I should mix to the same bit rate as my session was recorded in. 

Hey ya'll! Long time no see. For the past year or two I haven't been doing much recording or spending time online, but the past few weeks have brought major changes to my life, so I hope to be around more. I'm living in Canada again, and I'm hoping to stay here for a while.

Anyways...

My wife has a small business selling spoken word recordings.
I'm her tech guy, photographer, and financier.

She does her recording in Pro Tools and we sell mp3 files.
I've been using iTunes to convert .WAV to .mp3 but I want to have more control over the quality and size of the mp3 file.
I've just downloaded an opensource conversion program that utilizes a number of algorithms for the conversion.

I'm looking for recommendations/advice on which algorithm to use
Considerations:

Hi guys,

Just upgraded my studio with a brand new Focurite liquid Saffire 56 and an Octopre MkII.

With every changes to my gear, I try to better myself. I band project is coming soon, they're gonna track in my studio and mix and master at another place. So, I need to export wave files at there best.

With my last setup (with m-audio delta cards) I used 24bit 44.1khz because it was hard to get a low latency tracking otherwise.