If it is, what should be taken into account? How to name the target index, and are there some special parameters from Graylog that need to be set in the shrinking command?
It has to match the configured index prefix of an existing index set (e. g. graylog_*) and end in a number. So graylog_400 would actually work (given that there will never be another index named graylog_400).
I would recommend creating a specific index set for these shrunken indices which isn’t used for anything else, so that there won’t be any name collisions.