I've read some horror stories about large, unusable wallets (eg. from bitcurex - polish BTC exchange - 700 MB+ wallet). I presume the main problem is automatically generated change addresses. Do you think following procedure would help to clean such wallet?

1. Create brand new wallet on another machine.
2. Transfer all coins from old wallet to new one.
3. Dumpprivkeys but only for adressess "publicly" available for each customer.
4. Import addressess into new wallet.
5. Get rid of old wallet.

Any suggestions?