I did exactly this with some bulk processing application, but unfortunately it was so long ago I now I can't remember which one I used. I think I might have used two different programs, one to extract all the art from the mp3s and another to convert it all to jpgs, then back to the first to re-embed all the now converted art. I might have used mp3tag for the first and last stages (that's a useful program generally and has batch processing options) and some 'bulk image converter' for the middle step.
Ah,but I'm using a Windows environment - I guess you are looking for a linux method?