I think that dropping that column would cause problems. I think it could easily be tested with a smaller database. Simply create a new installation with the old version, store some of this data with the large amount of private tags, and run your tests to see what happens. You don't necessarily need to do it on a clone of your existing database to see what the behavior would be. I am interested in this and would test it out myself, but I am preparing for the RSNA conference and am very short on time this week, and will be out of town next week.
Regarding Arnold's comment below, he meant that when the file is retrieved, the *_attrs columns are overlaid onto the DICOM object before it leaves the system over the network. They aren't written to disk. It is simply an efficient way of managing updates to the data without having to constantly read/write from/to the disk.
-- Damien