MS Exchange 2003 database Size issue?

Hi Experts,

   Our Exchange 2003 -Mailbox server running on low disk on the disk that holds the  mail database.

Current database status:

Exchange version    : Exchange 2003 6.5.7638.1- Enterprise Edition

Storage group                  Size
First Storage Group                      347 GB( Two mailbox stores )
Second Storage Group                 248 GB (Two mailbox stores )

Disk Usage:
   F:  Drive - Exchange Database    - Free Space 103 GB
   E: Drive   -Exchange Log             - Free Space 390 GB  

      We archived mails from lot of mailboxes and its giving white space only.We want to reduce the database size for easy handling and smooth function of the user mailboxes.But seeing that offline defragmentation  rate is only 6-7 GB / hour and its a down time. My plan is create new storage group and move all mailboxes to new storage group. After moving all the mailboxes delete the old storage group.

Plan for free up database white space:

Create new Storage groups and move mailboxes and delete old storage groups.


1.       Create new storage group  A  on  E: move all mail boxes  from First storage group (old) to new storage group delete the old storage group.
2.      Create a new database B  on F: move all mail boxes from Second Storage   group ( old) to new storage group and delete old storage group.
3.      Move back A storage group from E: Drive to F: Drive.



      I believe this will help us to free up the white space on the old storage group.

      Any help on the issue will be appreciated

Regards
Jenu