I was about to try the resize (after some research on it) and found that after dismounting the external HD and remounting it, the size now does appear at the smaller size. So it did apparently work with the compact -- it just wasn't reflecting that without some form of refresh to the volume info.
Yes, at this time it's going to be smaller -- but, of course, grow by smallish amounts as files are added (and removed). But not by the order of magnitude that was its former, original size.
Thanks!
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