This is possible (Tools menu, 'Compress WAVs Alt+V'), but the .wav files have to have all the tag info in their name, as mentioned. The only thing I'd mention is that EAC must be left open during the entire encoding process. If you quit EAC while LAME processes are still running, they will quit also, leaving incomplete .mp3's with no warnings. If you've set EAC to run the LAME threads minimized, this is not immediately obvious. You can also choose how many concurrent LAME sessions to run.

-Zeke