Spruce trees bud back well. The key is to get light to dark places and to pinch new growth to produce new buds closer to the trunk. As with so many trees the foliage on this tree is getting a long way out from the trunk. With about three years of thinning, pinching, fertilizing, you should be able to get foliage tighter to the trunk.
If it's growing healthy this year, I would go through and pluck every new point so it is only half of this years growth. If you really want to go bold, on every main branch from the trunk, I would take off the longest extension (especially on the top half of the tree). The lower branches you might have to leave alone and see if you can get them to bud back before you remove the extension.
I LOVE the blue color and it has a nice shape. The foliage needs to be compressed towards the trunk and this will be a great tree.