it's not the prettiest, but if you build a formula with the following expression, replacing all of the periods with spaces (I used periods so you could see them) then it will show each occurance of multiple spaces as a single space. I think this will work for strings with up to 2,447 consecutive spaces.
REPLACE ALL event2 WITH replacestring(replacestring(replacestring(replacestring(replacestring(replacestring(fmlMyField,'................','.'),'........','.'),'....','.'),'..','.'),'..','.'),'..','.')