While I've had multiple good suggestions for programs here I wanted to post my own answer as no one answered with the program XLD (it was in a comment by @MaxRied however).
X Lossless Decoder(XLD) is a tool for Mac OS X that is able to decode/convert/play various 'lossless' audio files. The supported audio files can be split into some tracks with cue sheet when decoding.
While confusing and over the top at first the learning curve didn't take too long to get over and in the end it is a very solid program that does everything I need and then some. One word of warning however, it will not re-convert files. So if you have a bunch of 320KBps MP3s and want to convert them to 128KBps MP3s it will refuse to do so. Other than that huge annoyance (I switched to Max recommended by @TraneFrancks to finish off these files) it works great.
