deleating files frees up space in Time Machine?

Last week I was doing some late night backing up of some DVD's I own. (7x7GB).

I MTR'd them to get the video_TS folders on my desk top, so I could toast them back on to DVDs,

I tought I may as well put them on to my iPhone, so I re-encoded them into MP4 (7x500MB), then copied them into iTunes (again 7x500MB).

I reaslied today that I forgot to turn off Time-machine when I was doing all this and my backup grew by 60 GB!!

MY QUESTION IS:

If I go into Time-machine and track down these video files and "deleate all instances" of them, will it free up the 60 GB on my external drive for Time-machine to be able to back upu more vital stuff?