Well with a plant like this it makes most sense to get small bonsai that consists out of the trunk you have and then fill that trunk up with a silhouette of foliage. So in that sense not a bonsai based on a trunk with branches. That generally requires a bigger and higher quality trunk.
Maybe this video will give an idea:
http://www.youtube.com/watch?v=5oEB7OjlBl4
http://www.youtube.com/watch?v=oatAnGO0ZSo
The width of a trunk will be proportional to the leaf surface area it needs to support. And a trunk will only have to thicken for those leaves it connects with the roots. A big mass of leaves on a low branch will only thicken the small trunk part just below it. Not above it.
Therefore for a thicker trunk with more taper you use sacrificial branches. You grow those with as much leaf surface as needed until you have the trunk you need. Then you start to remove it (generally bit by bit).
Azaleas usually can't be trunk chopped because they don't naturally grow trunks at all.
They grow a whirl of branches that eventually make it multi-trunked. For a single trunk bonsai design this is bad. Most nursery azalea will have reverse taper. Many plants will have a Y-shape just above soil level.
Whatever picture you have in mind for this azalea, it seems clear that in all cases branches that destroy the final single trunk by growing even fatter than they now are need to be pruned.
And secondly foliage needs to be put closer to the trunk.
I can't tell you if there are branches on this azalea you really want to grow out to generate a fatter trunk with more taper. But I do see some branches that are thin enough to not have to be cut off asap.
This azalea seems to have R.kaempferi blood and no R.indicum blood, so it is unlike all those azalea in the videos above. It will backbud less. But it will backbud on those stomps if you cut them at 1 inch. The risk of dieback is just higher. How high? I don't know. I haven't bought 50 kaempferi-types and cut them back hard as the guy in the videos above did (with satsuki-types).
So that is why I suggest, cut back to just a few leaves and have it backbud. Then cut back to just a few leaves 1 or 2 years later. That way get it closer to the trunk. That way you can get rid of all those long bald branches and get a silhouette of foliage(and flowers) around that trunk.
If you want to grow the trunk fatter, you don't prune some of the low branches on that trunk at all and you let them grow fatter than the fattest branch you have now. At that point you can start to slowly remove them.
You do prune the branches that make the current trunk worse if those branches would get even thicker.
You finish the trunk first. Then you think about branch structure if you want one.