Hi @bryanharley
I think what Charles was referring to was the Time Cutoff setting in the Search section of AdminCP.
What you could do is set it for a period like 365 days, then when you go the Dashboard home you will see it rebuilding.
Once it has finished, you could look at the size of your search index table and compare it to what it was taking up before when unlimited. Then perhaps increase it by another year or 6 months, depending upon your community needs, your patience (!) and the the resulting table sizes. Gauging the increase in multiplies won't be 100% accurate but should at least give you a guesstimate of the economies of scale.
Obviously reducing the amount of searchable content is akin to archiving it in terms of the older data then being unsearchable, but just thinking a little out of the box and assuming we're talking publicly visible content it will still be searchable via Google. So your members, visitors and potential visitors won't lose out completely and you could add a Google Custom Search facility to your Community to supplement the built in internal search.