Thanks for the suggestions everyone! I ended up using VB2005 to create a
simple exe to convert PNG to JPG. Then registred the exe as a shell extension
for PNGFile. Now I can use the snipping tool, save as a PNG (best image
quality IMHO) then right click the file and select 'Convert to JPG'.
Since I made the converter, I coded/set the JPG compression at 98. So I get
a high quality JPG that I can tag and rate
But it would still be nice if in the snipping tool you could choose the
compression for saving jpg's.