Sure it will, but it will happen at the wrong position. Every synthesis I've seen wants to make a 1,2-glycol or epoxide or acetyl/formyl glycol, not the 2,3-glycol etc. (I would expect a 2,3-glycol to rearrange to the terminal ketone (ie aldehyde) but maybe you'd get a 2-propanone? more input needed on that topic...) Without access to good analytical equipment, I think I'd choose to isomerize to be safe.
Reducing solvent volume should be easy, accomplished by slowly dripping a more concentrated solution of KMnO4 onto the solution. More experimental details are needed on that area, I haven't seen anyone attempt it yet.