I tend to treat audio like my pics - which I shoot at the highest resolution my camera allows. I can always trim it down, but I can't get it back if it's not there to start with.
But when I rip my vinyl to disk for the car, yeah, smaller mp3, and can get 8 hours on one CD.
Since a vinyl to digital conversion is done in real time, and most folks are likely only going to go
thru the process once, encoding at the highest bitrate is no more time consuming than converting to a lower bitrate such as MP3 .. FLAC (lossless), WAV, Apple Lossless, etc. can then be easily down converted to MP3, yet you still have the original high bitrate file .. the downside, is, of course, the substantially higher file size in a high bitrate conversion ..
Whether or not anyone can actually hear the difference between an MP3 track and a FLAC track is a debate that's gone on for some time .. myself, I think it's dependent on the playback gear quality and the age of the listener, since in most cases, our hearing deteriorates over the years .. several "Blind Taste Tests" over the years have shown about a 50/50 chance of picking the MP3 or the Lossless track, which indicates people were guessing ..

..
I'd always recommend going with the higher bitrate conversion, storage is cheap ..
