You should be able to use https://www.xmedia-recode.de/en/ or similar ffmpeg frontends to do that.
Or use ffmpeg directly, if you are not shy of the command line.
No. Why do you want it? Transcoding audio is not very demanding on cpu resources, so there should be generally no issue to do it on-the-fly during playback.
On the Apple tv 4k, the audio is transcoded and I have a small delay. When the audio isn’t transcoded, it seems to be OK.
Note that I only have this problem on the ATV 4k with native Plex client. On the same ATV4k with Infuse, no problem. Same thing with android tv, works well.
Generally Audio is transcoded through the Native Plex app as long as you have the Direct Stream feature checked. So if you have a file with DTS 5.1 audio but your TV and stereo system cannot handle that, then it will transcode the audio only to what your system can handle and leave the video in tact.
Generally though if you want specific audio formats on your file, you should use 3rd party video/audio converting tools such as Handbrake. I use this when I want multiple audio versions on 1 video file, I then disable direct stream and enable direct play. This allows me to choose the audio file from the get-go and play the video and audio directly from my sever without any transcoding, see below: