You can do that... I'm sure there will be smaller pulleys available via URD......If not any machine shop can make one. Very common for people that live up high to do this....
It's not really risky at all if you live up high, just keep reducing the pulley size and make sure your boost pressure stays around the same number as what people make at sea level.
Interesting. I'm fixing up a lathe capable of doing the work. Hmm..