testing SoundJS has shown some issues with iPad not releasing the memory properly. Unfortunately from a library perspective, there isn't much we can do about it.
If you only ever play sounds 1 at a time, I would suggest loading them only as you need them and removing them after use. The biggest issue you will find with that is waiting for sound to load, so you may want to implement a smart preload of the next sound you expect to use (meaning you always have the current and the next sound loaded). In theory this can keep you below the iPad 16 mb memory limit. However, if the iPad refuses to free up the memory, you may need to introduce some form of cache busting.
Another solution would be to reduce the file size through lossy compression, which it sounds like has already been attempted.
A third option might be implementing some form of streaming audio, but this is not something SoundJS can help with.
Hope that helps.