First of all.. Think why you would want to reduce the rootball.
IF you are happy with the size of the trunk, go for it. However, if you would like a bigger trunk, rather pot it in a larger pot.
Reducing the rootbal.. You do it in phases if health requires it. You prepare for several scenarios. If you can safely cut back to fit into a small pot, do so. Otherwise, ensure you have different sizes of pots available so you can repot in a mid-sized pot too.
Bonsai is a marathon, not a sprint. So do not hurry at the start, but take a slow, steady pace. In the end, that will win the race.