Thank you, will try that later, but for the time being I am curious in finding out what happens when I shrink the swap space when other parameters remain same.

On the large swap end things are more in need of adjustment:

do you have any advice on how to adjust swapiness to the device semi-freezing experienced with 1,5 - 3GB SWAP sizes after leaving a lot of applications open for a while?

I am interested to achieve the same smoothness like with small swap space (500-800MB) without haveing to worry of ever running out of RAM + SWAP memory.