Hi,
thanks for reporting,
I am able to replicate, to be fixed as https://www.ventismedia.com/mantis/view.php?id=20569

I've only been able to reproduce once. Try changing the preset to insane 320kbps option. After doing so, it seems the manual settings always work.

Ver. 5.1.0.2829

I want to convert all of my lossless music to lossy when syncing my library with an MP3 player. To that end, I'm trying to create a new auto-conversion rule with the following rules:

Convert the following content: Audio
When the format is: Any
Audio bitrate: Above 320kbps

But no matter what value I input for the bitrate, the rule always says "Any audio, Above 128kbps."