Hi Jonesl15,
I would not recommend you to apply such process but rather recommend you the upgrade of your SEPM to 12. RU5 now available for download. Why? Because RU5 includes a major improvement in the way the content is stored.
To give you a quick idea, now 30 revisions with a SEPM RU5 are equal to 2 to 3 Gb of space ONLY, whereas prior RU5 the size was over 50 Gb!
Upgrading would most likely solve your disk space issue!
Go ahead and test it! Do not hesitate to contact the support to get further details.