If you are looking to lower the size of the priv.edb, i would suggest first running the following command:
eseutil /ms "X:\exchsrvr\mdbdata\priv.edb"
When this command completes, there will be a number in the bottom right hand corner under the final line. This is the number of available pages in the database. You can take this number and multiply it by 4. 1000 pages at 4KB each equals 4000 KB = 4mb. Of course your number will be alot bigger for a database that size.
You can then determine if an "offline defrag" is needed here. When you run an offline defrag (eseutil /d /ispriv) - this will actually remove the white space and lower the size of the priv.edb.
Now if you decide to run the offline defrag, you must remember that you need 110% free space available for the temp database that gets created.
If you do not have enough free space local on this drive, or on this server, you can always temp the database to another server with:
eseutil /d /ispriv /tx:\tempdfrg.edb
/t = Temp
/x = drive letter mapped to the other server
\tempdfrg.edb = temp database that gets created to do the defrag....