Yes, you could make a depleted company either by reducing the number of units in it (down to two platoons for example) or by keeping the full structure but reducing the number of men in each squad (and maybe eliminating some specialist teams). You could combine that with a reduction in the available weapons within a unit.
There is off course the editor to tweak stuff, but for PBEM games it would be a nice addition to have something like 'depleted companies' in the OB's. Who knows, someday....
