I've been down this road before, but in the end its more trouble than its worth.
If you PC struggles with N64 games, and you need to trim 1GB collections - its going to struggle with 7zip.
7zip is a very impressive - sizewize - compressor, but its an absolute resource hog, and very slow. You end up staring at a black screen for ages while the rom decompresses.
If 1GB is an issue - get a bigger hard drive. I know that sounds a bit rubbish, but in the long run it will be faster and easier.
If not, by the far the best option is unwanted games - delete them. You can probably delete 75% of most game collections if you are honest about what gets played....