If buying additional hard drive space isn't a problem storing the audio files as uncompressed WAV is "practical"
Yeah, in theory a CD is 702Mb of data, but in practice they average a bit under 500Mb, so that 1TB drive will store ~2000 Music CD's
The passion for avoiding quality loss is nice, but in practical terms
anyone who believes they can tell the difference by ear between a
high bitrate mp3 file and the parent wav source needs to reduce their dietary intake of ligumes.
I'd just recommend that if you choose to do so either run
a (atleast) a pair of drives in a RAID-1 configuiration
or be prepared to duplicate all your work at some future date.