save your original unedited files FIRST!
You can NEVER have too many backups of your files.
When I'm done with everything I have the following versions of each recording.
1. Original unedited version.
2. Complete edited version (This will be the file you have after you apply any filters, etc that is ready for tracking).
3. Tracked out 24 bit copy
4. Tracked out 16 bit copy (this is the copy I usually share)
5. Tracked out MP3 copy (I used this for playback in my car).
On top of that I keep duplicate hard drives on site with all of those files on them as well as an off site copy. This will require 3 identical hard drives.
Seems like a lot, and it does take up a lot of space, but hard drives are cheap. I've lost shows in the past because I didn't backup correctly. Don't let it happen to you, because it's not a matter of if, but when one of those drives dies.
The reason I keep so many versions is sometimes you'll have a hard drive that will start to fail and corrupt some files...then you make your backup and the backup becomes corrupted. Doubtful that all 5 copies will have trouble.
In regards to EQing...I highly suggest you "sleep on it" after you think you've gotten everything dialed. Frequently I edit the show and after a long time of messing with things I think I have it dialed, but your ears get tired...so take some time off from listening and go back to it the next day. Sometimes you'll find that you need to maybe EQ less (that is usually the case for me). If you save your work in Audacity (don't close it) you can usually undo some steps (I'm not familiar with Audacity so I don't know how many steps you can undo).
GOOD LUCK! Welcome to the taping world...plan on spending more money.