Encoded them all years ago.
Exact Audio Copy is great for this, as it can separate out the ripping and encoding – so it can take in a CD, extract the data and put it in a queue for encode. So it can read and spit out a CD in a minute or two (if you've got a decent CD drive), I just did it over a few weeks, took a big stack to the PC when I was doing some browsing and just fed it disc after disc. The encoding takes longer but it would just catch up in between times.
Didn't bother with lossless, just very high quality VBR MP3 which is fine to my ears. As a test, encode with your preferred settings, convert back to WAV and burn that as an audio CD. Get someone to do a double-blind test with you and see if you can tell the difference. Most people can't actually tell them apart once bitrates exceed 128k. Crappy players can have an effect – so just don't use them for home hifi use.
The CDs themselves just live in boxes in my parents' attic. Been thinking of getting rid but I can't be bothered to sort them out only to get a pittance for each one. New music I tend to buy from Amazon's MP3 store where they're encoded in the same way as I use for my own rips.