oh i see, i don't have photoshop at hand so i can't really show you. What I would do is extrude the "bulge" and than attach the edges of the extrusion back to the receiver (the horizontal ones at the bottom). This way you only make that part thicker.
You shouldn't have to do anything by hand (that will mess with the perfect curve), just start at the highest segments, and collapse edges as you go inwards/down.
welp, suit yourself ;) i have it bound to a shortcut and the graphite bar minized and tucked away on the left hand side.. so the space i'm losing is minimal