Try NCH Switch, which is usually "on sale" if you don't go to buy it after the 14 day trial times out.
While any lossless format should give you comparable sound quality, there are plenty of subtle issues. FLAC isn't widely supported. WAV doesn't allow tag editing in the vast majority of applications. And most apps that rip to MP3 also manage to lose or mangle track information. Switch seems to preserve it better than most.
All MP3s aren't created the same though. There's a "newish" form called MP3 VBR, variable bit rate, where you can select the quality-vs-compression (except in Windows Media Player, crude old POS) and other options. If you select MP3 VBR, and a quality of -2 (from 0 to -10, 0 being no compression
and no quality loss) you will be hard pressed to hear any degradation in any real situation with background noise
and under $200 earphones. You may be able to go to -4 without hearing any difference, I can barely hear what might be a difference but again in the real world--that may be good enough.
A good VBR MP3 rip tool offers you choices like "joint stereo" vs real stereo (better & larger) and "old" vs "fast" conversion algorithms (old being more accurate) so the options can make a big difference but they are not hard to understand.
Having spent a lot of time and effort looking into this and doing it, I can only say MP3 VBR -2 using the old slow algorithm and real stereo is a hands-down flat winner for anyone unless they have outstanding young ears and a reference grade audio system. In a portable player, with any kind of ambient noise