Rather than use the Rating/Stars field, which I avoid because it is too easy to tap the stars and change the Rating, I use a custom field, called Grade. This lets me assign numbers, letters, whatever system I like.
I use Grade letters,
A=Excellent
B=Good
C=OK/charted but not memorable
D=Weak/filler
F=Do Not Play
U=Unrated/Unknown
Z=Special Purpose
and...
X=eXtra/Dupe
When I have multiple copies of exactly the same performance, from difference CDs, LPs, sources, I choose the best by ear, give it an A or B or C or whatever, then mark the other dupes as X.
When choosing "best" of identical performances, I start with highest bit-rate (largest file size typically), but then listen to the actual recording. As others note, there can be wide variations in quality regardless that happen in the mastering, dubbing, re-releasing, and other craziness that can mess up even a very high-resolution version. Hi-fi crap is still crap.
I also use custom field RecVer to identify variations of the same song, whether same performance or not. It might have values like:
ST1 = Stereo mix 1
ST2 = Stereo mix 2
MO = Mono
RE = REchanneled
DS = Digitally-created stereo, usually DES.
V1976 = Version recorded 1976
V1985 = Version recorded 1985
V1, V2, etc = Versions but dates/origin not known
LIVE = recorded at live concert performance
Etc .... whatever is needed to distinguish same song / same artist tracks.
Then, my Rename code appends RecVer to the title+artist that forms the main name, so each file name is unique and I don't have to rely on MC appending numbers to keep them separate.
I do more, but that's the gist.
PS: I don't care about album integrity. I identify the Album of any song that came from an album, but I really care about the songs/records themselves, not the particular packaging in which they were sold.