Reduce Mybook live storage size

I would like to use my WD 500Gb in my 2TB MYBOOKLIVE or reduce the storage space of the 2Tb to 500Gb only.  Tutrorials here keep capacity at 1Gb.  Is it possible to go lower?

see if this helps.


Not sure if that’s possible.

I havent try that. Perhaps, some of the users on the community can provide more information about this.