Getting LMS to transcode media on the fly

I would like to be able to stream to my android phone over the cell network, and have found a program that will allow my phone to be a "player." However, I don't see an option to make LMS transcode my lossless music to lower bitrate OGG files to stream to this player. How can I set this up? I don't want to have to make a duplicate library of lossless files, but would like it to do this automatically as I play the files.

Thanks.