Do I need to keep the project in Library once I've shared it to Theatre

Using the new version of iMovie I have made a movie from photo's and movie clips. I have shared it to Theatre so do I still need to keep the project in the Library. Can I delete it to save space? I am reluctant to delete the projects in case it deletes the movie from Theatre. Can anyone help please?

There is something else to consider. Your processor speed will be reduced and you are much more at risk of losing data should the power go out unexpectedly:
http://support.apple.com/kb/HT2332?viewlocale=en_US
Apple's recommendation is that you not run without the battery.

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