Hello slpaul,
Yes, this is the method used to remove unwanted or old Historical data from QIP DOS.
Depending on the size of your history files, this could take quite a bit of time, yes - especially if your QIP data is on a Network Server.
What you could try, is taking a good copy of your live data and putting it in a temporary folder on one of the workstations' local hard drive. Create a new WSM Start List Item for this new path, and try the procedure again on the local copy of the data. The process should run much faster, although it still could take a bit of time. (We have heard of people running this function at lunch, or overnight when they have a very large database.) (Try to use a station that is not needed for anything else at the time.)
Good luck!
Regards,