Why this conversion is the good kind
Everything on this site that touches lossy audio comes with a caveat about generation loss. This page mostly does not, because FLAC is lossless. The compression it applies is exactly reversible, so what the encoder sees when you convert FLAC to MP3 is the original waveform, not the residue of somebody else's compression.
That makes this a first-generation encode, the best case for MP3. At 320 kbps the result is very hard to distinguish from the source on real playback equipment, and the reason to be generous with bitrate here is precisely that your source is perfect: there is no point starting from a pristine master and then being stingy.
Keep the FLAC
The whole point of a lossless archive is that you can regenerate lossy copies whenever the situation changes. A new phone, a car with a different format list, a streaming upload spec, a codec that did not exist when you ripped the disc. All of those are trivial if you still have the FLAC, and impossible if you do not.
So treat the MP3 as disposable and the FLAC as the thing you back up. Deleting the lossless original to save space is the one mistake in this workflow that cannot be undone later.
What to expect from the file
Three to four times smaller, typically. FLAC has already removed the easy redundancy losslessly, so it is not starting from WAV-sized bytes. The sample rate is preserved, including high-resolution files: a 96 kHz FLAC produces a 96 kHz MP3, though whether that helps anything is a separate argument.
Text tags survive. Cover art does not. Everything runs in your browser, on your own machine, using ffmpeg compiled to WebAssembly and cached after the first file.