That should be plenty of free storage unless you run a lot of apps. Remember that you can also delete unwanted languages to free up some space. Go to Setup, Languages. Select the languages that you want to keep and update. Once the phone reboots, you will gain some space.
Anything else I can do over the phone or do I need my computer to shrink the os or etc.
I would not shrink right now because the phone is so new and you may want to play with it with the original OS to see any issues that may come up. But I will delete all the apps you don't use that came pre-loaded with it.
One thing I will shrink out in the future will be Podcast app and all the default wallpapers. Those cannot be deleted from the phone because they are locked. You have to use a shrinker to delete them. But I am going to wait till may be January to do that because I want to see how well the phone works without me doing something out of the ordinary.
Things you can delete right on the phone without "shrink":
Any social apps like Facebook, Twitter, SocialFeed if you are not using them
Blackberry Maps (I use google maps)
Music store
Service provider apps
Docs to Go