That isn't format shifting. It may be legal where you live, but in most places I'm sure it wouldn't be. If you want to format shift, you do it from the copy you own.
Many modern vinyl records come with a code that allows you to download a digital copy, completely legally and DRM-free.
The legality of going outside the record label to get your digital files is a little unclear, too. Go check listings for CDs and records on Amazon, for example. You'll find that many include a digital (meaning MP3) copy as well -- only in this case it's Amazon that's providing it, not the record label. The service is called "AutoRip."