For years I would capture as WAV then use AUDACITY to re-encode to MP3 then delete the old .WAV.
There are ways to write scripts to do such things but I find most owners don't write those today.
When a song is save to I Tunes, its saved as a WAV file and a MPEG file. Since I only use MPGE files, I delete the WAV file. Is there a setting for that