DON'T. Use 160kbps Opus instead, all modern phones should support it. You can halve the size of your library while still enjoying the quality of 320kbps mp3.
I don't use embedded lyrics myself, but AFAIK Ogg (and by extension Opus) supports embedding lyrics using OggKate. Whether your player supports lyrics embedded in Ogg, is a whole other topic...
Please do forget about .ape. Proprietary, obscure format. Only advantage is that under some circumstances it can get you higher compression rates than flac. But it's way more resource intensive to decode so that advantage is really more theoretical. Use flac, forget ape.
Thanks, never realised that. Never encoded to .ape myself, but quite sure that in the past some media sailed in to my hard drive disguised as those naughty monkeys. Perhaps one day I'll reencode them to the flacs they'd actually like to be.