Is there any reason to not just use lame?
Apparently. As such it's a MP2 spin-off of LAME.
TooLAME is a MP2 audio encoder written primarily by Mike Cheng. While there are innumerable MP2 encoders, TooLAME is well-known and widely used for its particularly high audio quality. It has been unmaintained since 2003, but is directly succeeded by the TwoLAME code fork (the latest version, TwoLAME 0.3.13, was released January 21, 2011)
I can port twolame later if you need it.
If I'd really, really need it, then perhaps I would have asked for a port instead of a lazy port. So far it was worth keeping and installing it. Despite of the required, missing old GCC DLL. Hopefully just processing the makefile is about all it takes to obtain a more up-to-date EXE, without any extraordinary efforts. The latest
TooLAME/2 was uploaded to Hobbes in 2001.