Root pruning? ? ?

I have a tea olive -- I believe the botanical name is osmanthus fragrens -- which I keep in a large container because it is far out of its natural habitat of the deep South. This bush normally grows to small-tree size, but of course that's not possible when it's in a container. I have to bring it inside for the winter. After several years it has become rather sickly.
I suspect the roots have become choked. I wonder if I might just take it out of the pot, prune the roots, and replant it. Of course I would severely cut back the top growth as well, to perhaps a foot or two above the planting level.
Is this a good strategy? What time of year should I do this root-pruning?
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You can always slide it from it's pot to inspect it, but do your major pruning just before it's growing season, things don't recover as well during dormancy/dark of winter. When you repot make sure there is plenty of coarse sand or pearlite in your mix to provide pore space for the roots to exchange gases with the atmosphere. Roots need oxygen too.
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Thanks Bamboo -- I'll proceed accordingly.
I am about to bring the plant inside for the winter. Based on what you say, I'll wait until spring to do the pruning, when I take it outside again.
-- Ray

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