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After reading your post, a question that comes to my mind is, if the column is defined as NOT NULL, how do you propose to get rid of the data inside the column? You cannot set it to NULL; so presumably you will update it with smaller string like f.ex. "DUMMY".
Is the data causing
1. backup delays?
2. performance problems?
If it is related to backup, then you can evaluate partitioning.
If it is related to performance, then you have other options along with partitioning.