This seems actually more like a bug report than a feature request, but I'm told this is by design.
Currently, I've learned, that if you want to store an album locally, once it downloads and original to Lightroom, that original will remain indefinitely and not be cleared no matter how long it's been since you edited it.
What I want is the ability to store most or all of my photos locally as Smart Previews, and offload the originals without needing to offload the Smart Previews.