Maybe I am missing it, but is there a way to apply effects to a track and upon being absolutely satisfied with them., applying them in a fashion that applies/saves them to the track and then allows you to remove them from the effects bin to free up resources?  I am having problems using effects on a large number of tracks for a particular project I am working on I get the message that the allowed number of audio effects is exceeded.  Any help would be appreciated.  Thanks.

Welcome to the forum.
There are at least 2 ways to do it in most Cakewalk software: If you use the same effect multiple times on different tracks, you can put the effect in a bus and route all the tracks through that bus. Delete the effects from the tracks.
So instead of 5 tracks all with the same reverb in them, you have 1 bus with the reverb in it. Use Sends in the tracks to vary the amount of reverb each track gets.
Or select the track, go to Process>Audio>Apply Effects. This will permanently apply the effect(s) to the track and there's a check box to remove the effect from the track after applying it.
Assuming your version of LE has that option available.
 

Thanks for the info. Continue Rockin :)