yes, it's possible. I got sick of iTunes a few years back. I ripped all my CDs with iTunes using aiff file format and got Roon with Tidal. Then I double checked all music (mostly mp3s) to check for rips versus down loads and bought some music to increase quality. Then I bought Super Duper for ripping CDs and Metadatics for changing metadata (to keep all classical stuff organized). Finally, after everything was somewhat finalized, I made an AAC copy of the high quality library and imported that into Itunes and my phone for bluetooth and the car. I have yet to do an update of the low quality library, but I'm hoping that new material can be added and updated, and I don't have to have my MAcbook AIr and Mac Mini cranking away for hours. I have all my cds in zip lock bags in the garage, should I need them (and to be legal). I have a back up drive at a friends house and I have his back up at my house. Yes, it's work, and it drives you crazy tracking down individual tracks you might have purchased years ago as mp3s, but it can be done.
good luck,