Umm. Not totally sure if you're making a joke or missing the point - there's no point making a lossless file from a lossy source, and even less point making a higher-bitrate lossy version...
A single generation from 128 to 320 wouldn't be too terrible, mind - it'd probably be noticeable to most people on half-decent speakers, but it wouldn't totally wreck the music. A second generation from that lossy-sourced 320 would probably start to get pretty grating, though.
If you're thinking of doing it for artistic reasons, though, I'd say you're more likely to get better results from a judicious selection of high- and low-pass filters, with a flanger or two thrown in.