No easy way but many of us are starting or running 2 libraries, one for iTunes/Apple products and one for everything else in the world or one with FLAC and one for everything else. Life would be easier if Apple would just open up iTunes a little more and have it read FLAC or any of the other not quite so popular choices and it would also be nice if more nonApple products would accept AAC, can't we all just get along? :).

Jason
M80 v2
VP160 v3
QS8 v2
PB13 Ultra
Denon 3808
Samsung 85" Q70