The lv can be shrunk easily also, but the problem is the File Sytem inside the lv cna not.
First, there are at least 3 updates to the e2progs package which contain the tools for file systems.
Next, you can't shrink a ext3xattr directly, you must back it up, re-do the partition size, and recover.
But the problem is that there is no backup for these until you update the FC3 system to get the current tools, then you must download and install the dump-0.4b40-1.i386.rpm as it is the (supposidly) only backup for EXT3xattr systems that (correctly) handle the xttr attributes on dump AND restore.
I would advise to approach FC3 with a realistic expectations.
Manual install and config partitons exactly as needed.
Update everything to get all the working components, save important data to another device.
A 40 gig ata disk drive as min, a lot of fun, and a short life span.
Live hard, die young, and leave the 20th Century behind you.
If money and purpose are your needs, get another disto.
Do the Math