VLC is excellent at converting audio and video formats. Certainly does CD to MP3 but doesn't do a look up.
Quick Google points to a tool called MusicBrainz Picard as being good at looking up open access databases to add the meta data.
Mojo for the arthritis.
My opinion, keep the Washburn if it's the one you want to play at those times you can. If you're only going to get limited time, you might as well have the best you can for it. YMMV.