If not, is there another lossless format that foobar rips to that will allow tags to be updated?
It is hard to imagine good reasons for using AIFF or WAV.
I utilize AIFF files for all my digital listening because I can discern a difference between raw PCM, lossy and so-called lossless codecs.
I would like to see Foobar offer more support for AIFF in the near future.