Shared Files : MP3 and MPEG-1
 

I am running MP3 Rage and Limewire. I have mixed the search output (MP3 and MPEG-1 Layer III ) of both in a SHARED folder. The Rage output are in folders labeled: MP3-(artist). The files therein are labled: Artist, Title.p3 The Gnutella output are in a folder labled: MPEG-1 Layer III
The files therein are labled: Artist, Title.
Since I have had no feedback on any of the searches of my SHARED files that have been made since I began using Limewire, I wonder if the above organization will work. Any suggestion will be appreciated.
A related question, Is there a way to compress MPEG-1 file to MP3 size? My hard drive is limited and I forsee running out of storage, if I continue to collect audio files