Firstly, in news it says:
Also, Livejournal has introduced a mass privacy editing tool. The details are described in paidmembers, in this post - note that the feature for now is unable to deal with custom friends groups. I suspect this feature is likely to remain available only for paid users for the time being.
Go Forth And Friend
Some of the database improvements we've been making have finally allowed us to up some of our limits! Starting immediately, we've raised the friend limit from 750 friends to 1000 friends for Basic, Plus, and Early Adopter accounts, and 2000 friends for Paid and Permanent accounts. (That sound you hear right now is fandom and RPG participants shrieking with delight. Hi, guys!)