Keycomps The unused AIFF files will be removed and thus the size of your installation, and backup, will reduce accordingly.
You can go check the contents of your Stage Traxx 3\Multitrack-Files folder after you've replaced a set of AIFF files with MP3 on a song. I'm not sure how quickly ST3 does the house keeping for 'unlinked files', but I use unique file names (they include date stamps) with my multitrack songs and I've only ever found the currently linked files in the Multitrack-Files folder.
Out of curiosity, what triggered the desire to switch from AIFF to MP3? Was Scott Uhl's recent video on the topic (https://www.youtube.com/watch?v=Bw_NwsMZnmY) involved?
Genuinely interested as I've been using 16-bit 48kHz WAV files from the outset. As my catalog of songs has grown, the overall size of the files is becoming unweildy on my iPad, moreso from a backup perspective, but eventually local storage will become an issue, and my backup iPad will be unusable. Definitely got me thinking about converting to 320kbps MP3.
@peter from a CPU performance perspective, have you been able to test/validate any performance differences between compressed and uncompressed files on an iPad with ST3, or ST4 dev (given it will support more tracks)? I imagine it will make little difference on a Mac given the CPUs in use there, so more interested in iPad performance impact.