Yes, by all means get rid of whatever no longer 'floats your boat'. Pick what you want to keep to work on and pass on the rest. There are always people looking for scraps, so if you don't like or use them, pass them on. Same with patterns and fabrics that fall into the "What was I thinking?!" category. Purge, and enjoy all the free space.
I'm really preaching to myself, because this is what I need to do too!