Hi HP,
I’ve never grown Rhododendrons before but I know the Mt Lofty Botanic Gardens have and I reckon I may have seen the odd one or two that had been pruned.
However, I always approach a plant that I have never pruned before in this manner; you should take a good look into the centre of the plant and see if the plant is naturally showing signs of new growth down in the woody parts. This is often a good indicator of a point where you can prune to. Take notice of any damaged branches and see if there is new shoots below the damage.
Leggy plants are going to one thing only, get leggier and then perhaps break under strain. Chances are, you are going to think that this plant has had its time. So with this attitude, it makes experimenting with pruning that much easier. Say to the plant “Hey Rhody, you keep on getting leggier, I’m going to compost ya… but I’ll give you a chance. You accept a haircut and then you show signs of regrowth, and I’ll let ya stay in da ground for a little bit longer!”
There’s good odds that the plant will give the haircut option a go.