It's probably worth noting that the suggested change to remove the "Update via LiveUpdate" option is unlikely to make any difference to you current network load. The main reason for this is that you appear to be using SEP12.1.* and have enabled the "Options for Skipping LiveUpdate".
To be fair, these are enabled by default, but they mean that SEP12.1.* clients only ever go off to Symantec for updates if they cannot contact the SEPM for more than 8 hours and are more than 2 days out of date (making it a handy for the "SEPM has blown up" scenario).
This all brings up back to your primary issue, troubleshooting bandwidth issues...
Can you clarify the issue? Is this high network load apparent in your internal network, or on the gateway, or both?
You might try using perfmon on your SEPM to start collecting logs of the traffic seen on your SEPM. The below is a good start (the perfmon counters still exist in later versions of Windows so is still applicable):
http://www.windowsnetworking.com/articles-tutorials/windows-2003/Windows_2003_Performance_Monitor.html
As Brian mentioned right at the start, there are a few tools out there for monitoring network usage.