I redid my music when I killed a partition on my data drive a year or so ago. I used iTunes and rip to MP3 @ 320kbps to give me the most flexibility later on. The file size isn't big enough that it would be problematic, even with the slightly inflated disk prices these days. Although, as Hack mentioned, you probably won't notice the difference at 190, so saving the extra time to rip might be a better option for you.
The only real advice I can give to save time by using iTunes is to get an external drive so you can have 2 at the same time. iTunes won't let you rip 2 at once, but you can set it to queue one disc while the other is ripping, saving you a ton of time.
edit: just did a quick Google to see what the settings were to allow you to queue one disc while the other is ripping and
this thread claims that apparently if you disable the 'automatically import CD' it will allow you do do 2 CD's at once. I wonder if it will let you do more? Would certainly be worth the price of an external optical drive, or find a few from friends.
edit2: that same thread also claims that
Toast Titanium will do multiple discs at a time (5 at least), which at a price of $80 might be worthwhile, if you have access to the external drives. It also has some other nice features like video ripping and conversion which might be useful for other things later on.