Quick vote here for re-encoding (assuming the aac's are of good quality). However, I recommend reencoding to MP3 to a higher bitrate than you encoded to aac.
I have done this on lots of aac files, and performed double-blind tests - I can't tell the difference from the AAC. However, I used the most recent LAME encoder with the setting -preset extreme, which is around 256kbps VBR. Technically, it won't be as good as re-ripping, but I strongly suggest you choose 2 favourite albums, re-reip and re-encode them, and see if anyone can the tell the difference between your new mp3 encodes and the aac->mp3's.
[Off-topic encoding comment/rant]
As a side note, I don't know why anyone uses bitrates lower than 256, or even 192vbr. At 256kbps+ VBR, almost no one on earth can tell the difference between originals and encoded versions - whether you are using Mp3/AAC/Ogg/MPC/Wma/Mpeg+ etc... There are loads of double-blind tests done by audiophile professionals on the HydrogenAudio forums supporting this. All the mp3 vs aac vs wma vs ogg vs MPC debates/comparisions are only valid at low bitrates (128kbps and lower) where there are clear leaders.
[Off-topic encoding comment/rant over!]