Thanks for the tips! I'll keep that in mind and do 24-bit 96Khz wav. I think converting digital to digital, i.e. WAV to FLAC or mp3/aac will be straight forward, but given that I may not have that many records to convert, I'll try and keep them lossless.

I've also managed to get a working Sony STR-6800SD receiver for $200 CAD. That should help in getting a good analog phono signal.