The thing is that the damage is already done. It's not the fact that the file is an MP3 that causes the issue, it's what the mp3 compression algorithm does to the files that makes key lock slightly worse. Up-converting the file won't fix the damage that's already been done…it'll just waste disk space.
That being said, I really don't hear that many artifacts of keylock (including the decreased transient response that people complain about) and I never really have. It's probably my room, but I really think it's a minor issue compared to everything else that can–and usually does–go wrong in a sound system.
Personally, I find that tracks being pitched away from their natural tone is more distracting…but I never really noticed that on vinyl.
Maybe I should cover up the keylock indicators and turn off the feedback on the button on my X1 to do a (semi-)blind test and see if I actually have a preference when I don't know what to expect.
I guess it would be easier to do a mix in Ableton and render one copy using repitch and the other using complex and see if I have a preference between them…
They store the same information, the actual format is not actually all that relevant.
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