Journals and the WIJ use different sizes for writes. Look at Storage Configuration.
It takes a little more than 100% more space to defragment a file.
I am not sure there are gains if you are on SSD/NVMe drives and if you are not I would do that instead.
One option if you want to do this would be do it on a DR mirror where you could keep it running.
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I wonder if the DataMove feature could be used.
That could be like the GBLOCKCOPY but without the downtime.