You can reduce the roots to almost nothing and trunk chop at the same time. Wisteria grow like weeds and can be aggressively collected. I'd wait until after flowering to collect.
HOWEVER, if you do collect it all at once, expect some portions of the trunk to die back, sometimes extensively. I've found that wisteria tend to have to reorganize themselves after collection, that is they can abandon large sections on trunks, as they re-establish new living paths to new shoots.
If you can collect it over two years, you might experience less trunk loss.
In any case, you will probably get some dieback on sections of the old trunk. Also, wisteria doesn't produce stable wood. Cut and chop wounds will rot quickly...Sealing large new cuts can help, but it's not going to stop rot completely...