Thanks, everybody, for these replies.
I think I have found the solution. Media Monkey has a Convert function which is under Tools (but is not mentioned in the Help function) and which, as far as I can see, can "convert" a file to the same format but lower quality (i.e. it shrinks or compresses the file further). I write "I think...." because I'll need to test it a bit to make sure it is doing what I think it is.