We had the same exact problem, but instead of IIS we had a rogue application generating thousands of type 3's per day on all of our client machines. We were able to solve this using Cymbal SIEM and working with them to discard undesired events. Unfortunately Microsoft does not give us granular control beyond 'Audit Success / Audit Failure' on the local endpoint, so you won't be able to control it at that layer.
In an enterprise setting though, you should be parsing events through your SIEM tool instead of on the local endpoint. Your SIEM tool will likely receive its event data from a centralized collection server sitting inside your network. Our SIEM provider was able to provide us with the right filters using custom XML queries to prevent any undesired events from getting sent to our collection server. They said that with a centralized architecture it doesn't matter which events types the local end-point captures and that we could actually lower the security log size down to single digits MB's if we wanted. With this type of setup, the local security log just becomes a temporary caching place for events to sit until they are picked up by the collection server (which is usually instantaneously).
As long as you get a proper SIEM tool, you will be able to have dashboard and filter to see which ones you want.
https://cymbal.cloud