iTunes automatic tagging?

I want to tag some songs in iTunes. First I like to explain what I'm planning to do. I have a bunch of songs in .FLAC format, so I have to decode using xACT to .WAV then transfer them to iTunes and re-encode to .AAC. But I have to painstakingly tag each individual song. Whereas the alternative is I can burn the .FLAC directly to CD using Toast and have iTunes import to .AAC which will automatically recognize and tag the songs accordingly. Instead of doing the CD method, I was thinking I could select the songs and select "get album artwork".

I'm certainly no expert, but is there some type of smart playlist that you can set which will auto tag the files?