I'm not really sure what you mean by wasted space, the way you've phrased it. Most custom styles are going to use a completely new image set anyway, not counting the free styles where people just change some CSS and not any images. So I can't image what's being wasted there.
If your referring to the location of the folder, that's not going to matter either, because the folder takes up just as much space anywhere on the server.
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