Reply to Question about WAV/MP3

im going to play soon at a small gathering about 100 people.

and i have 2 hour opening set the first hour im going to play dub chill set about 100-120 bpm
and the tracks are wav format.

and the second hour progressive trance about 130-140 bmp and the tracks are mp3 320 kbs

will it make a big difference in the sound?
the sound system isn't that big i believe somthing like 3-4 350 watt speakers
and 2 large floor speakers.

tnx