Hello,
Reduce content revisions in SEPM 12.1 at least temporarily.
Continue to free up hard drive space until Liveupdate can complete successfully. Only after Liveupdate completes successfully will it modify the number of revisions in the inetpub directory and thus reduce the amount of hard drive space required.
Secondly, check these Articles:
Symantec Endpoint Protection Manager 12.1 database using a high amount of Hard drive space
www-secure.symantec.com/connect/articles/symantec-endpoint-protection-manager-121-database-using-high-amount-hard-drive-space
Disk Space Management procedures for the Symantec Endpoint Protection Manager
http://www.symantec.com/docs/TECH96214
Hope that helps!!