Networking the MacMini up to another computer which can act as a 'ripping terminal' is actually very simple.
Two choices - you can either keep all the media on the MacMini or the 'ripping terminal' - I personally would keep it on an external HDD connected to the Mini.
Connect to the Mini's external drive over a network (wireless or wired, it shouldn't make any difference other than speed), make sure the 'ripping terminal' computer is running under the same user name as the MacMini, and open the MacMini's 'iTunes Library' data file on the ripping terminal. Then in the ripping terminal's iTunes Preferences, choose the same directory the data is stored in on the MacMini as the iTunes folder.
Don't run iTunes on the Mini at the same time as the ripping terminal - that'll cause serious issues...