I recommend you do some research as to the bitrate you're going to rip to.
I believe the iTunes default is 128 kbps. It this is going to be your permanent archive, you might want to consider 256 kbps or higher.
It's coming analog from vinyl. 256k is a waste of memory.
why do you say this? I would think coming from analog you would want the highest bit rate you could possibly fit on your harddrive! analog is essentially infinite bit rate as it is continuous rather than discrete.
"Infinite" Lets not go crazy here.