AAC sounds better than mp3 at identical bitrates. Or: you can achieve the same quality with lower bitrates with AAC than mp3.
The flip side is that mp3 is compatible with everything, and probably "always" will. While AAC is a standard, it's not as widely adopted as mp3, so you may one day own a device or favorite piece of software that won't play AAC files.
So if disk space is no object, I would stick with mp3s. Others would give a different answer.
As for Apple Lossless, I think it's unnecessary, but you can simulate by first playing the CD in iTunes, then playing a ripped mp3 of a track or two. (Since Apple Lossless preserves all of the information on the disc, it will sound the same as the CD playing through iTunes).
Re: bitrates - You'll just have to decide for yourself what sounds OK. I use 192kbps mp3s and think they're great. Some people would say that's horrid. Also, it has been alleged that iTunes' mp3 encoder isn't very good. Again, it's all the same to me, but you might want to use
iTunes LAME encoder to use a high-quality encoder.
good luck!