RE: SQL Database size after upgrade.
Having a large database is not really a problem nowadays, ours sits at 2 TB with 11 years of historycal transactions. It does have some impact on data access times / query plans, which you could address with the correct maintenance plans in place for index and statistics updates.
If you decide to shrink your database, please be aware that your indexes will become extremely fragmented, and you probably have to do a full index rebuild on your tables, which is time-consuming.
AX 2012 has a lot more features and tables. You should consider to disable functionalities in the License information and License configuration settings which you do not use.
Also you could try to archive some standard data which you do not need using the Intelligent Data Management Framework tool, but first please test this thoroughly.
Also there are some cleanup routines which you could do, to remove stuff you do not really need (Sales/PurchParm table contents, InventSumLogTTS, yearly rollup for InventSettlement, etc.):
us.hitachi-solutions.com/.../dynamics-ax-2012-performance-improvement-with-cleanup-jobs
shekhardiptiman.wordpress.com/.../dynamics-ax-%E2%80%93-periodic-maintenance-and-performance-analysis