After several rounds of trial and error the following conclusion was reached by MDV:
Using Audacity to convert MP4 to MP3
- Bit Rate: Variable
- Quality: 65-105kbps
- Variable Speed: Fast
- Channel Mode: Joint Stereo
The above settings produced a smaller audio file with minimum loss of audio quality.
Used Audacity for Windows to convert single AND batch-convert videos downloaded from Vimeo to MP3 Format.
NOTE* Audacity’s single file conversion options found under file->export.
Batch export found under Tools->macros