There is a simple way and free way to convert video to MP3. You can do this with MP4 videos, MOV, and other video formats.

Is there any way to convert the MOV's to MP3 (preferrably without destroying all the track information I've added through iTunes)?

Converting MOV files to MP4 Converting to an MP4 file can drastically reduce file size without changing the audio or video quality in any way that is detectable to your audience.