Project manager question

I'm doing multicam work, with lots of footage.
PPro seems to be bogging down my system. Therefore, i've decided to export my multicam sequences into separate projects.
My question is, if i grab the Main project, and the multicam pre-comp, does premiere know intelligently re-link all existing footage, and keep the project bin in tact, or does Premiere re conform files, and duplicate all the footage?
Also, while we're on the subject, the option to check "Rename Media Files to Match Clip names" has me confused.
Where would you use this?

Also, while we're on the subject, the option to check "Rename Media Files to Match Clip names" has me confused.
Where would you use this?
When your orginal footage is called e.g. clip1, clip 2, clip3 etc and the same clips in the project window you renamed to e.g. flowers, trees, plains.
If you check that option the original footage is renamed to flowers, trees etc.

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