So far, I haven't had any problems with cutting the show in half. Each file is ~1.5Gig.
I know 256k is overkill, but I've standardized my entire library on it... Just in case I want to play any of them back on a large sound system.
Regardless of the standardized format of 256K encoded stuff. Its not 'really' 256k considering the source is doubtfully anywhere near that - so to me its a waste of HD space which these days is not that big a deal considering most of my stuff is on a NAS I assume you might have the same type of set up which I am sure is fine.
Not sure of the need to have everything so 'cleaned' up but I guess 'to each their own' in this case.
I do archive all the O&A shows, but there is no cleaning up of it.
BTW - Thank GOD O&A don't screw with the pad data... what a nightmare that can be.