Ok, I've researched and think I found a good solution:
1) Rip CDs in "WMA Lossless" through Windows Media Player. Furthermore, if you want to download music, do this using one of the download services available through Windows Media Player to download music you don't have on CD (these are generally less lossy than iTunes' downloads). Make Beomaster 5 access this library only.
2) For those of us who like to use an iPod, import the rips/downloads into iTunes - this website will tell you how to do that http://support.apple.com/kb/ht1347
Thereby, the Windows Media Players acts as the source for both Beomaster5 and iTunes, enabling transfer of lossless CD rips and less lossy downloads.