Bristol_Jonesey
I have tried Clean Audio Folder with mixed results.
I think the best way is to simply open up each project in turn, do a "Save As" to a different location and make sure "Copy Audio With Project" is ticked.
Once you've done this you can safely delete the original folder.
Then you can, if you want, move your newly copied (and reduced in size) projects back to their original locations.
This is also what I have got in the habit of doing. Pretty much the same as you are describing, I just save as >>>create a new folder with an adjusted ending on the name i.e. name + 1,2,3,A,B,C etc.
I never have the need to move folder back to original destination, I just delete old folder.
That's just my method.
Probably different ways to skin this cat, I have just found this to be the easiest and most solid for me.