lame
just doesn't support this. Few commands do.
Instead, the Unix philosophy is to not require every program to support every possible mode of invocation, and instead lets the user combine commands to do what they want:
for f in *.mp3; do lame -h -V 0 "$f" tmp && mv tmp "$f"; done
If this is something you do often (though I hope not, since transcoding is bad for quality), you can create your own shortcut for it in .bashrc
:
superlame() { for f; do lame -h -V 0 "$f" tmp && mv tmp "$f"; done; }
From then on, you can simply superlame *.mp3