I wrote a script called ConvertFormat that can do this for you. I would advise backing up the current versions first in case it turns out you're not happy with the results at some point and need to revert.
Ah, perhaps you want to make copies, on a different drive, in mp3 format, but leave the original copies in the library as they are... In which case convert using iTunes in the usual way (Convert music file formats in iTunes on PC - Apple Support), then use something like ConsolidateByMoving to move the files to the new location, and then remove them from the library.
I've assumed that you need to convert the AAC tracks to MP3 for compatibility with some other hardware or software, and this isn't just an unnecessarily complicated backup.
See Duplicate songs in iTunes - Apple Community for more on managing duplicates.
tt2