Another way is to run the files through a program like Media Coder ( it's freeware ) It lets you transcode between audio formats and can deliver MP3s down to around 24kbs.
If you want to you can also treat tracks using Audacity ( again freeware ) and save as an ogg vorbis, or Mp3 down to as small as 18kbs. All the material on my website ( link below ) has been reduced to 18 kbs and normalised to 96.5 db. I agree with you, WWII submarines didn't have hi-fi. In fact a lot of the listening would have been on Short Wave.
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