OK,
When I see situations where the amount of whitespace is equal to about 1/7th the size of the database, the first thing that comes to mind is delivery to PST. (Think about it: default DIR is 7 days). In this case, don't bother removing the whitespace; it's an exercise in futility.
You shouldn't be delivering to PST. PSTs have no place in a business environment. PSTs were intended as local storage for individual home users that POP their mail from an ISP. As the Executive Office of the President of the United States discovered, you can't count on them to archive important documents (the infamous missing 225 days). PSTs are fragile and easily corrupted. If retaining mail fulfills a legitimate business objective, then spring for the disk and store it on Exchange. If you store it on Exchange, you are reasonably assured it is backed up regularly and will be available to meet the business objective which drives its retention. If retaining the mail does not fulfill a business objective, then don't retain it; it's a liability.
You can shrink the physical size of a database by the amount of whitespace in the database if you do an offline defrag. This does come at a price. You have to take the store offline to do an offline defrag; for a really long time. That means a long outage that will surely blow all your SLAs (if you have them; if not your users will still complain very loudly). All secondary indexes are wiped and will have to be rebuilt. You will experience performance degredation until the indexes are repopulated. The signature of the database will change. This means all previous backups will become invalid (signature mismatch). That's a huge price to pay.
If you are delivering to PST, then tomorrow another day's worth of deleted email will exceed the DIR and become whitespace equal to about 1/7th the size of the database. All of the pain you experienced will be for nothing and you'll simply repeat it day after day after day. Whatespace gets reused before the physical size of the database is increased. There's no point unless you're into inflicting pain upon yourself. If that's the case, then try migrating to lotus notes.