I use the following flow to convert NeoGeo CD games from CHD format into Wii NeoCDRX compatible extracted format.
chdman extractcd -i Filename.chd -o output.cue -ob output.bin
bchunk -w output.bin output.cue Track
for f in *.wav; do ffmpeg -i "$f" -c:a libmp3lame -q:a 2 "${f/%wav/mp3}"; done
mkdir mp3 && mv *.mp3 mp3/
rm -rf output.* Track*