From the manual:
"Select the Consolidate media radio button and enter a value in the Headroom box to reduce the number and size of media files necessary to represent your project.
Vegas will scan your project to determine how much of each media file is being used and will render those regions to new media files. The amount of time specified in the Headroom setting will be added before and after the media file to allow subsequent edits. All events are then updated to point to the new files. Finally, inactive takes are removed from the project, and the project is saved."
Can i trust this to copy all the data right? It would be nice to trim but how do you know how much is safe