Setting file defaults on Audacity-win-1.3.4

I've just downloaded the latest release of the Audacity free-and-open-source audio editing software. When you open the program, you can look on the upper left of the toolbar and find a pulldown menu called Edit. At the bottom of the list you find Preferences. From there, I found locations to set the preference for .wav file exports at 16-bit and for .mp3 exports at 128 kbps. This is what I recommend in order to generate broadcast-quality files that can nevertheless be edited and played in pretty much all other programs, including older ones. The default setting in Audacity is 32-bit, which is supposedly higher quality but can cause problems in Winamp, older SoundForge releases, etc.