I'm not Peerless, but I can answer that for ya

Lossless simply means that the file doesn't lose quality

E.g. you rip a CD to .wav and then burn the .wav to CD again then you get an exact copy of the first CD (This off course depends a bit on the quality of ripping and burning equipment)

If you make rip a CD and convert it to .mp3 or .wma format, and then burn a cd from that format, then you lose a bit of quality.

BTW you still haven't mentioned what kind of music it is.

There should not be a problem with having both mp3 and wma files, then you give people a choice. I'm guessing that you will soon find that the mp3 ones are more popular.

Also rip them at high bitrate (320 kbps)

If you want to share perfect quality then share the .wav files or convert the .wav files to FLAC (level 8) (takes up less space but is just a good)

BTW FLAC is free and open source. (FLAC stands for Free Lossless Audio Codec)

Download FLAC (Link)