Can I use Acronis to go from a larger drive to a smaller drive?

I have a 4.5 year old SSD, which is showing 99% Good. Feel free to disagree, but I want to get a new new, smaller SSD. At present, I'm only using, about 1/3 of the 1 TB drive as it is, or 292 GB.
Ideally, I'd like to pare down that drive to just my Flight simulation relevant items. So, I would think at that point, a 500GB drive would be fine.
My question is, can I transfer the content of the larger drive (1TB) to a 500 GB drive?
and...Would it change the GPT to MBR? (I saw a thread about that...how that was happening... thereby making the drive unbootable.)
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Ok, thanks.
I was thinking of buying a USB drive to use as sort of a intermediary weigh station. i.e. take the files from the 1 TB SSD (now 4.5 years old,) transfer what I can to the USB, and from there, transfer the files to the new drive. Lather, Rinse, and Repeat, until I have cleaned the 1 TB (current) drive as far back as I can.
Unless you have another idea...
Worst case scenario: no significant space reductions made. Well, in that case, I'd have 173 GB left of Free Space on the yet to be purchased 500 GB SSD (all that *should* be on the drive is Flight Simulation related stuff.) At least that is the plan. The other Files I'd put on my Linux system, which is on a 1 TB NVMe drive...
Thanks in advance.
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Measure twice, cut once.
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