The answer is yes for calculating, no for reducing the space (unless Bob also knows what kinds of passwords Alice uses).
With the private key and the BIP38 encrypted key you can loop through the algorithm trying each possible passwords, but the number of loops per second will be insanely slow. For comparison, a bitcoin wallet.dat hash uses two AES encryptions if I remember correctly, and high-end GPUs can only brute force a few KHashes/s of those. I estimate they could run a BIP38 brute forcer at a few dozen hashes/second.
At that rate you'll have trouble even exhausting all combinations of 4 or 5 ASCII characters!