So, it turns out the home page of our site has 670 versions so Im looking at removing or archiving most of them.
In the Sitecore content editor, if I select Remove all versions (plan is to archive needed versions and restore them), the process is long. Running overnight, it deleted around 200 versions as seen in the [History] db table.
Strangely I can see 4 RemovedVersion rows for each version removed in this table with a minute or twos gap between the admin and Anonymous rows so it runs very slow:
ItemVersion ItemPath UserName TaskStack
RemovedVersion en 209 /sitecore/content/Corporate/Home sitecore\Anonymous [none]
RemovedVersion en 209 /sitecore/content/Corporate/Home sitecore\Anonymous [none]
RemovedVersion en 209 /sitecore/content/Corporate/Home sitecore\admin Sheer
RemovedVersion en 209 /sitecore/content/Corporate/Home sitecore\admin Sheer