Cutting out old data may not buy as much as you'd like. Putting a "timecnt = 0" at the top of "writezone" in "zic.c" and then comparing the produced directories of the original ("tzraw") and modified ("tzcooked") yields:
Script started on Thu, May 18, 2017 1:12:37 PM
$ du -s tzraw/tmp/etc tzcooked/tmp/etc
3103 tzraw/tmp/etc
2356 tzcooked/tmp/etc
$ exit
exit
Script done on Thu, May 18, 2017 1:12:49 PM
Limited savings is due to disk sector size; as an example, the "America/New_York" produced by an unmodified zic weighs in at 3545 bytes; on a 4096-byte-sector system, the one sector it takes can't be reduced.
(Your correspondent is enough of a fossil to have lived in the age of 512-byte sectors.)
If space is at a premium, be sure to "make REDO=posix_only ..." when building.