Media Management? Archive?

I am looking for a way to save space on archives. With FCP7 or Premiere I would media or project manage to have the software transcode all the footage to a new codec with short handles. I would save a lot of space from the excess footage on each video clip. Anyway to do this with FCPX? Do the utilities used to export an AAF allow me to have these options? Like I export an AAF with audio and video transcoded then bring it right back into FCPX for archiving? As of now, I move the projects and their media to a new Library so only the used clips are saved but there's still a lot of wasted space.

Thank you!

Hard drive space can be a problem, I would suggest maybe as a solution, going through each clip, range select the portions of clips you reject, so that it is red, then change the show filter to hide rejected, then select all the remaining clips and append to the primary story line and share to a master file, change the codec to whatever you feel is the best, so in essence 1 long clip that has been edited with the unwated portions removed...

Try this, if not report back any issues..

Check out Clip Exporter Pro, you can export just the used media, or the used media with handles. The great thing though is that you're not actually transcoding the clips and degrading the quality, it's actually copying the original file and only using the used portion of the clip plus any handles. It has quite a few other useful options as well and is only $99.

It doesn't generate a 'return trip' XML currently. Just keep that in mind.