I would recommend that you simply don't use the Rip option in WMP12 as it's pretty basic and frustrating to set up tags. There are a lot of free and open source software on the web that are way more efficient and can give you a lot more options.
Personally, I use Winamp. If you like the efficiency of AAC, you can use Winamp's "MP4/aacPlus (HE-AAC) Encoder v1.28a" to produce a high compressed aac files with awesome quality, which you can also playback in WMP12 as it supports it natively. For MP3s and/or FLACs "Exact Audio Copy" is the best tool, you have tons of tutorials on the web and it wouldn't take too long to set up and use.
If you like your tags accurate and clean, and have a pattern of tagging albums, I suggest you sit down, roll up your sleeves, load Wikipedia in your browser and start.