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theoretically speaking, trimming the calendar will in no way have any affect on the cost of competing.
Remember, like MotoGP and LMP1(endurance) Formula One is basically a prototype-base form of motorsport. In that case what really is driving the cost of competiting is the cost of R&D and engineering hence why the calls in both champions for imposing a budget cap.
If you ask personally, both F1 and MotoGP can learn a great deal from the NBA,NFL and MLB.
As for cutting races, on paper its good, but economically more races is good for the sport. To put it straight, more races mean more sponsors.