Yesterday I installed and ran butcoind on linux server and since yesterday it consumed around 10 or so GB of disk space so what I am thinking is what if I delete old files of block info like I have upto blk12345.dat can I delete upto blk5000.DAT will that create issues ?
In short, yes. It will probably cause issues.
Edit: Unless you're looking to delete them all and redownload all of the blockchain.
Also, you'll need all of the blockchain, which means multiple blk*.dat files that take up allot of space.
If you don't want to take up so much space you should look into a alternate client, such as Electrum or MultiBit.