Thanks for the replies.
I have made good use of creating a custom named folder at the same directory level as the project and moving the audio to that from the Audio folder and then selecting “Locate” or “Folder” when the project opens, while renaming files, since Cubase for whatever reason keeps the name of the original import, which is fine but there is no way to change this, not even in the audio editor for individual tracks.
Backup Project might be helpful to create a copy before I start messing with the file structure since once files are Bounced, I can then “Remove Unused Media” and delete the old files permanently, including any edits and surplus files.
As for generation loss would Bounce use the project sample rate?
I am often exporting stereo files, sometimes in 24 bit to separate them in Audacity since Cubase has no way to do this internally but I should I suppose use 32 bit float, since that is what Audacity uses but it is not mission critical at this stage as I am simply trying to master the program.