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Some people will say that you cannot hear a difference between a flac file and a 320 mbps mp3. There is no right answer. I would consider ripping one file as you did, if you are happy or can hear no difference, I wouldn't worry about other bit rates.

There should be no difference between flac and wav as far as I know except compatability with different players
 
There is a bit of a debate as to whether or not 24 bit is better than 16 bit. All I will say is cd quality was good enough for most until recently, but that does not mean higher bit rates etc don't have benefits. I for one would not think I'd ever need better sound quality than a well produced cd is capable of giving
 

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