Yes this should work with the live stream record module. As you've observed, transcoding is not available on Mac OS.
After you've installed on Linux you should follow the Transcoder tutorial:
To transcode the G.711 audio to AAC you will need to ensure that in your template you have Encode/Audio/Codec
set to AAC
And since G.711 audio bit rates tend to be low, you should set the transcode audio bit rate appropriately low as well.
<!-- AAC, PassThru -->
When recording the transcoded stream using LiveStreamRecord you just need to specify the name of the transcoded stream required. Examples for the given transrate.xml and transcode.xml templates are MyStreamName_160p MyStreamName_360p etc.