Well now I'm starting to have second thoughts about the lossless mono track. I suppose if you're going to be grabbing the others anyway...
However, I'm only going to replace the existing mono track if I can get a perfect sync without too much screwing around. I'm skeptical that this will happen, but you never know. A great sounding track with drifting sync may be fine for commentary or a dub, but I don't want imperfect sync on the primary English track.
If it works, I'd probably encode it as 448kbps Dolby Digital.