In my BIAB songwriting, I use audio recording for vocals to sketch out lead melody-line ideas, and even draft whole songs... and my Song Ideas folder is getting quite large, since the recordings are needlessly large WAV's.

Is there a way in BIAB to record directly to MP3, or other compressed format? I'm not concerned about audio quality, it's just for sketching. (although for me MP3 is fine for most purposes anyway)

Suggestions? I suppose I could convert the Wav files after the fact, with Audacity or whatever, but then am I still going to be able to re-play with them in BIAB, punch-in recording, overdub and all those things I love?

Suggestions?