I actually tried doing that when I first decided to start archiving my own CDs. I ripped with abcde to flac but kept both copies. The idea was to keep .wav as a sort of "master" original and then copy the flacs to my phone and laptop for listening. That way if something happened I could always go back to my "masters" without having to rip the CD again.

Honestly the wav files aren't that much bigger than flac and I feel like storage wouldn't be much of an issue today, but I started this project several years ago when an 8TB hard drive was still $600+ and I quickly ran out of space.