w*w.exactaudiocopy.de
EAC can rip an entire CD to MP3/cue - and can write a tracked CD from that MP3/cue if you wish.
It cannot SPLIT the file itself (only WAV files), but you can use the CUE as a guide if you need to split the MP3 yourself.
To generate the MP3, it can use a wide choice of codecs - LAME being probably the best - and passing parameters to the command-line version is probably better than using the DLL, as you can use the VBR presets (--alt-preset STANDARD or --alt-preset EXTREME)
The price? send the guy a postcard! - or a donation is probably more welcome.