It can't be done in the main UI: though the audio API supports it, JWPlayer (the library that provides both the video and audio, with its flash fallback) does not.
What you would need to do is to go into the Settings area, click the "Transcoding" tab, and then play around with those *very carefully*, following some suggestions in this post:
https://trac.ffmpeg.org/wiki/How%20to%2 ... 0a%20video .
Absolutely copy-paste the current settings into a text file (and make multiple copies of it) in order to recover if you mess something up. ffmpeg isn't very forgiving. However, it only works on at-the-moment streaming: it shouldn't affect your original files.
One thing of note: it will apply to all, so it won't be quite so easy to switch back-n-forth between books and music. Maybe you'll want to consider renaming your audiobooks to a new suffix so the transcode will only apply to them, but that may make them unplayable if you also access them directly from the file system.
Joe