That’s exactly what PDF Squeezer 4 is designed to do. Barring a complete purge (oh, the horror!), shrinking the hoard would be the next best thing.
I’ve made a habit of archiving utility bills, bank/credit card statements, and other PDF documents that gradually consume available storage capacity. As a professed digital hoarder, there are thousands of files on my iMac, external hard drives, cloud services, and network-attached server.