Dennis - I just tested this to make sure it works, and it does: use foobar2000 to do the deed. I converted a large WAV file at 24/48 to FLAC 8 in 48 bit format. foobar2000 is free and rips, tags, burns and other stuff in addition to transcoding. And, it is free here: www.foobar2000.org.
Cheers