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My question is why downsample at all and would it result in a loss of quality to do that?
You need it if your soundcard handles only 16 bit. Ah and there is a size problem too. And if you are burning them to CD remember it needs to be 16bit/44,1kHz.
You have a slight chance of noticing the quality difference if you have a true 24bit DAC on your soundcard (check ff123.net). If you don't then you are wasting time.