Interesting idea. The trick is going to be making it useful for single ships designed for operating alone, without making it so good that it becomes the default rather than an option. Perhaps half normal size would be the right ball park. Also, there is scope for bugs as I would have to find every reference to jump drives or transits in the code and modify it to deal with this.
This was originally my reason for having the size reduction be a factor of (Jump Squadron Size - 1), so that an actual squadron jump ship of a given number would always be more efficient than the same number of single-ship jump drives. I was worried that this would make the single-ship jump drives too small, and since increasing the squadron size of a jump drive also increases the drive size, I think it would not work as well as I originally thought which is why I labeled it as "optional".
Another model could be to add a size reduction tech, in that case I would probably recommend having it follow the Gauss progression - Single-Ship Jump Drive Size Reduction 2 costs 5000 RP, Single-Ship Jump Drive Size Reduction 3 costs 15000 RP, and so on. This way Jump Squadron Size is comparatively cheaper but we can still get up to some large size reduction at higher tech levels which are reflective of an Enterprise, Imperial II, etc.
If this was intended for large ships only, an alternative would be to scale jump drives so they become more efficient with size. That way the Enterprise or a Star Destroyer could have a jump drive that is small in proportion to its size. That would require only a minor code change. If however, you want jump-capable X-wings, it wouldn't work.
Yes, I think the player base clamors for X-wings.
Or we just move to a model where self-jumping is the norm and jump drives are expensive but compact, so that you would tend to use jump drives on most military ships while using tenders and jump gates for commercial traffic. In fact, this could be done very easily by just changing the efficiency of jump drives so they are a lot smaller. You could still have squadron jumps, but you generally wouldn't need them because most ships would be jump-capable.
I think we still want squadron jumps, even if they are single-ship squadrons, otherwise jump point assaults become very thorny.
In fact, I'll start a separate thread so we don't hog the suggestions thread.
One other benefit I've thought of for single-ship jump drives, mechanically, is that it opens up a lot more space for early-game survey ship designs - I'm thinking that it would become easier to mount light point defenses or other defensive weapons, or become feasible to put a small buoy dropper + magazine on smaller survey ships.