If you are going to unfriend them, you may as well not use FB at all.

My wife's happy medium is, basically, to not login until a close relative or friend (usually her mother) phones and tells her there's something there to check; and at that time to batch process the latest events in her wall. This way she still is in contact with everyone she cares about, but it only eats a couple of hours of her week, at well defined blocks of time.