You could implement this via Custom BBCode feature:
This is quite easy.
1. Open Custom BBCode manager
2. Press Add button
3. Enter 'Strip blank lines' to the name field
4. Swith to Advanced regular expression in Pattern section and enter regexp:
(<br \/>)?(<br \/>){2,}
5. Switch to Advanced (Regular Expression) in Replacement (HTML) section and enter:
${1}<br />
6. Switch to Advanced (Regular Expression) in Replacement (Text) section and enter:
${1}<br />
7. Set Publishing to Yes
8. Set permissions for each usergroup
9. Press Save button
After this all sequencies of empty lines longer than 2 empty lines would be removed.