Thank you for your response. I took my consolidating knowledge from Avid’s Media Composer as that application does indeed create new clips that are much more like Premiere’s “Render and Replace” feature.
I would delete the “original” ProRezLT media at some point because they were derived from the camera original files. Those camera originals are safely backed up in a couple of places and shall remain. This project is rather large with 6 shows totaling just about 9 hours of content. The source ProRezLT files are 5.5TB. Consolidating doesnt shrink the source files down much at all which is frustrating.
Thanks again for your explanation.