Surely the iTunes import preferences shown on page 2 of this article are for the importation of audio CD tracks (i.e. what format to rip/transcode the WAV to).
It seems a more fair comparison would be this:
1. Have the audio CD of music you want to compare
2. Set the iTunes importation setting to ALAC
3. Place the CD into the drive, import the album, eject the CD
4. Rename the Album title within iTunes (so that all tracks show the new Album name)
5. Go back to the iTunes importation settings page, change to lossy format / bitrate of choice
6. Repeat steps 3-5 as required for whichever formats / bitrates you wish
7. Listen to the resulting tracks
Assuming that ALAC is equivalent to FLAC, why bother with differently sourced FLACs?