Those two requirements are not 100% parallel
, so you have to define your priorities first.
For storage ISO+CUE or BIN+CUE or WAV+CUE is probably the best, if you intend to reproduce the disc. Individual tracks in uncompressed or lossless form can be used to reconstruct only the music.
On the other hand, most players in the past refused to play almost anything but MP3. The situation improved a lot nowadays, the portables being able to play also FLAC, WAV and others, yet some optical disc-based standalone are still very picky. The computer plays all, provided the codecs exist (and they do).
So you may end with two formats, one for playback, the other one for storage (and further reconstruction).