I'm using Lame MP3 Encoder (version 1.32 engine 3.96 MMX).

CDex allows you to drop the lame dll file into the CDex directory to remain current.
This allows you to do on-the-fly MP3 Encoding.

Alternatively, you can direct to the lame executable as an external encoder if you wish.

Choosing VBR Default is supposed to give me the best of VBR Old and New.
Quality of q=5 and VBR 2 is the same as --alt preset standard.

The only thing I've changed from --alt preset standard is the stereo setting.
Learning from your post, I see that J-stereo may be preferable.

Thanks