WMA Voice is pretty good (included with WMA 9 or 9.1) or Speex.
WMA Voice would be the better idea if broad compatability is needed
Edit: missed the mp3 part. If you still want mp3, normally 64kbps should be fine. Using LAME would be my recommendation, as it normally gives the best speed and quality.
If you can get the GOGO mp3 plugin to work, it would probably be the fastest.
other choices are the LAME cli plugin and using a lower quality (-q) setting to speed it up.. and fastencc (can be found on reallyrarewares) is really fast as well, but doesn't support piping
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