Downsampling Apple Lossless files for iPod

Hey folks - wondering if anyone knows a script or piece of software to batch-downsize a music library to use on an iPod. I ripped all my CDs lossless but my wife and I would like to have them available for noncritical listening on the road. Thanks in advance for your help.
I googled convert lossless to MP3 the service cost a couple bucks but worked fine copy your current library and convert it so you still have the lossless files
" ... wondering if anyone knows a script or piece of software to batch-downsize a music library to use on an iPod. I ripped all my CDs lossless ..."

JRiver Media Center can do that.
In iTunes help section of your computer you can search and find:

“Save a copy of a song in a new file format“

(1) Choose iTunes>Preferences, click General and click Import Settings

(2) In the Import Using pop-up menu, choose the format you want to convert songs to and click OK to save settings.

(3)Select one or more songs in your library and choose File>Create New version>Create [format} Version.

The songs will be saved in it’s original format and the newly converted song appears in your library.

You can choose either version to sync with your iPod.
If I remember correctly, you can have iTunes transcode to mp-3 when you move music from your iTunes library to your ipod. If not, download Clementine Music player. Its free and works on Mac, Linux and PC. Install it and look in the tools menu and select transcode music. You should be able to figure out what to do. Its a simple process.
Thanks guys - very helpful...Albert that worked just fine - I just wonder if some of the other solutions here will let you target duped folder rather than both formats appearing in sequence in iTunes...but at least I know that method works.

Thanks so much for all your help, gents.

Zd542 is correct.

An easy way to accomplish what you want to do is to to look at the 'Options' window at the bottom of the 'Summary' page that opens when you plug an iPod or iPhone into iTunes. Click on the 'Convert higher bit rate songs to,' then choose the bit rate you want, 128, 192 or 256 kbps. That setting will remain the default for that device until you change it.

Go to the ‘Music’ page in the ‘Settings’ list of the iPod and at the top of the page click on ‘Selected playlists, artists, albums and genres’, then click on anything you want to download. Your higher resolution files will be preserved on your computer and will be downsampled as they’re duplicated on the iPod.
Format Factory will automatically put it in a new folder. It works great on a PC. Not sure if there's a Mac version?
Thanks again all. Sfar, worked like a charm. Thanks for saving me several hours! ;)