In-line monitoring box that can select multiple compressed audio formats (MP3)

Hey,

I am looking into designing an in-line box that would sit in my monitoring chain.  Basically before hitting the monitor section the inline box would allow a user to select between multiple audio quality (mp3 of different bit rates etc), allowing me to see quickly what there mix would sound like in that compressed format since most end users are listening to compressed audio formats today.

It is quite an undertaking to do it in real time and be an embedded solution...so was curious to see what everyone thinks about a box that could do this.

would want to design to accomodate MP3 56-312kbps, flac, wav (cd and dvd quality)

Thoughts...comments?

Not hardware but this is exactly what you're asking for I believe. http://www.sonnoxplugins.com/pub/plugins/products/pro-codec.htm