You would have to go in and change a lot of things to make it smaller. But if you want to feel free. I know I am not going to make this skin another size, my development on this is up in the air at this point. I have another skin in the works that I currently use. Maybe someone out there has already downscaled this and could share, I will host it if someone has done the work.
For starting point you will need to change the resources, and make sure the aspect ratio checkbox is checked on all things you are wanting scaled. If it were me I would run a batch automation in Photoshop to resize the images to 80% of thier current size to cut down on file size and speed loading and performance of the skin. But thats just me.
I really like you skin and want to use it on my tv.
Or you could just buy a bigger tv.