Indicator Applet Icons Spacing Too Large
Solution 1:
Unfortunately, GConf doesn't have any entries for indicator applet spacing and currently m0sia's PPA - as you've noticed - is only for Maverick. You could tick yourself off at the 100 Papercuts bug as affected.
Maybe, like Rocko (Post #4), you could agree with him and suggest to use GConf entries?
Fingers crossed that they at least enable a gconf-editor setting for applet spacing in Ubuntu Oneiric Ocelot.
Also, if you're keen... you can try out this guide to compiling your own indicator-applet with a fix for spacing.
Be warned though, the same person who posted the how to, also noted:
For other themes, where the patch only represents an improvement for Indicator Applet and not a fix, the portion of the space/gap that is NOT eliminated, is necessary to retain good readability for Indicator Applet Application Menu.