Breaking apart a session

No. You won't lose anything if you export Region As Files... Forgot to mention.. the only conversion you are doing is going from interleaved to dual .L .R... and this won't change the sound.. -Robert

If you have Peak, you can open the file, place markers where you want the tracks to begin, then "export regions as files" or something like that, and it'll do it all at once and keep everything stereo, kind of nice.

what are the advantages to doing this in Peak vs. Pro Tools