Can Plex really kill iTunes for me?

Hey there. Just a little background: I’m a Mac user with an iPhone, but I absolutely hate iTunes and the fact that iTunes+the IOS music app remains the only real way to sync my 17,000 song library to my 64 GB iPhone. Most of my songs are saved to my hard drive as WAV files, and the (only) thing iTunes has going for itself is the option to “convert higher bit rate songs to AAC files” on the fly during the sync. Without an option like this, I cannot use Plex to sync. I mean, even if I reduce the quality of the files to 128kb/s, that WAV file is going to be fairly huge.

My question…is there any way I can get what I want from Plex? Or will I have to either keep two separate libraries–one WAV (for home) and one AAC (for syncing to my phone)? Thanks for the input.