Realtime/dynamic mp3 compression (used as an effect)?

Has anyone come across a realtime mp3 encoder/decoder in Max?
More specifically where you can control the bit rate in dynamic fashion (ie, with a number box).

The idea is to use the loss of resolution as a sort of 'digital tone knob' of sorts.

My understanding of how mp3 analysis/encoding is not great, but I know it's an FFT-based process, so I'm wondering if it's possible to do something like that in Max, in realtime.
Or at the very least try to emulate the 'sound' of what's happening.

I found this pseudo-code that sort of summarises what's happening:

algorithm MP3 {
/*Input: An audio signal in the time domain
Output: The same audio signal, compressed
/*
Process the audio signal in frames
For each frame {
Use the Fourier transform to transform the time domain data to the frequency domain, sending
the results to the psychoacoustical analyzer {
Based on masking tones and masked frequencies, determine the signal-to-masking noise
ratios (SMR) in areas across the frequency spectrum
Analyze the presence and interactions of transients
}
Divide the frame into 32 frequency bands
For each frequency band {
Use the modified discrete cosine transform (MDCT) to divide each of the 32 frequency bands
into 18 subbands, for a total of 576 frequency subbands
Sort the subbands into 22 groups, called scale factor bands, and based on the SMR, determine
a scaling factor for each scale factor band
Use nonuniform quantization combined with scaling factors to quantize
Encode side information
Use Huffman encoding on the resulting 576 quantized MDCT coefficients
Put the encoded data into a properly formatted frame in the bit stream
}
}