Erik,
If you want to use Max to convert to 16bit files, set up the converter to output 16 bit AIFF files, then convert AIFF to ALAC. I checked on the specifications for ALAC and it does support 16 & 24 bit files. As far as I can tell, this is the only way to be sure your files are 16 bit. (in Max)
I second the
Wave Editor program as a means for converting hi-res files to CD resolution (or the other way around). My purpose is different from yours (I'm preserving vinyl to digital for portability and longevity) but the result is the same. The theory behind the iZotope converter is sound (npi) and seems to perform as advertised.
Audiofile Engineering has also released a player called Fidelia which I am planning on evaluating soon. There is the player which costs $20, also an "add-on" which costs extra. (please see website) It looks promising.