I am looking for the correct way in Latin to say "From many, few". Would this translate to: e pluribus pauci?
Your suggestion e pluribus pauci is good. The best choice depends on what we have few of. For few people the masculine plural pauci is good. For few things you should use the neuter pauca instead. If you want there to be an implicit noun ("few states/people/cars/foxes/…"), then the choice depends on the gender of that noun. I'm guessing that you mean few things rather than few people, so I would suggest e pluribus pauca instead. The ablative pluribus is the same for all genders.