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I used to do it by first converting to WAV using Winamp and then converting to VBR MP3 using dBpowerAmp. Is that a high-quality method or can it be improved?
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Yes, that's the way I do it as well. I make any adjustments I like to the waveform first (such as adding silence, normalizing the volume, etc.) and then I convert the WAVs to mp3 with Exact Audio Copy v.0.95 beta 4 with the LAME3.97b encoder, in Preset Standard (-V 2).
The page Skexis linked to should help you out with encoding in EAC.
Jam it back in, in the dark.