Yes, your file size of each recorded track will be waaaay smaller. Unless you happen to have lots of huge hard drives lying around, I would seriously consider 44.1khz. And I am betting that you will hear little (if any) quality difference between them....Is there any advantage to using a lower sample rate?
You should breeze by ebay and check out..."HOME RECORDING FOR MUSICIANS FOR DUMMIES".......its written by jeff frost....and there is a WEALTH of information contained within it.