WMA stream - bitrate lowering?

I listen to a new WMA stream which uses a very high bitrate codec (for no real reason) and I want to listen on a cellphone, with a limited data plan.
Is there a way to have LMS make the bitrate lower?

As an added twist, I use both squeezelite and the iPeng player. squeezelite has WMA support, iPen\g doesn't. I can use the WMPlayer (uses mplayer) plug in to get WMA on the iPeng player. Unfortunately, it ends up using mplayer for squeezelite as well, which makes the audio quality there poor.

Thanks!