First. Before doing anything you should have a back up copy of everything.
I often re name projects.
Using Save as and renaming a project in place in the same folder uses almost nothing in hard drive storage.
CWP files are small.
It just gives you the option of having multiple versions of the same song easily retrieved.
If you save as to a new location and check the copy audio box then there you go. why worry about the old version? Hard drives are huge and if it bothers you just move that folder to a back up drive. I don not ever, ever delete anything I do in Sonar.