When a project is finished, it seems better to delete the optimised media and keep the original. For example, one project original media is 20GB but the optimised is 113GB!
If you've kept the original media anyway and want to have smaller backups that's the way to go.
When set to do so FCPX will look for optimised/original media giving optimised media priority if it's there, if not it will look to the original media. So if you delete the optimised media you won't need to reconnect the original media it will get it automatically.