In theory, yeah, but I don’t really see the advantage of alac over wav — alac is almost a fat as wav and not very portable across different devices. Besides, if you are streaming alac, you are doing it across a local network anyway, not a wan. So might just as well go wav.
And as far as lossy formats go, mp3 is the common denominator, so I don’t see the point of transcoding to .ogg or something.
Dunno.. Seems like .wav and .mp3 cover all the bases. I’ll do that first, and see what falls out from that.