I've never had problems converting mp2 in iTunes, but I don't do it all the time. Did you try stripping the type/creator codes (with an of a dozen utilites on versiontracker)? If it really doesn't work, try MediaPipe, and if that doesn't work SoundApp definitely will.
There are two reasons you must avoid scaling the audio track. 1 is that when converting video formats about, the video framerate sometimes gets off, but the audio is always right. Scaling the audio will change the pitch of all the sounds and voices, and your ear is much more sensitive to slight speed changes than your eye is. The 2nd reason is because computer sound cards only support certain quantum frequencies (48khz, 44.1 khz, 22.05 khz, 11.025 khz, etc), and if you scale your audio to an unsupported frequency it will force your cpu to up- or down-sample the audio on the fly, taking time away from the video decoding (something like 25% of the processor time I've heard, or maybe 10%). This is ok if you then re-encode the audio to a supported frequency, but that degrades the quality and it's generally a waste of time if you can just avoid scaling it in the first place.