I have a humor site that is based primarily on thumbnails and gifs. I'm in the process of converting all png's -> jpeg and gifs -> webm to save bandwidth and disk space. All in all probably about 10k images of each file type will be converted.
My questions are:
1) Can I 301 redirect to a completely different file type? png -> jpeg for example.
2) Should I expect to loose some SEO traffic?
3) What happens to my existing backlinks? My social networks have amassed a large following and I don't want my old content to be unusable.