There might be a calibre plugin to shrink image size (or at least there could be one). It should be very possible to get below 50MB limit by converting to greyscale or increasing compression.
It would be interesting to experiment with replacing bitmap images with SVG (vector) as well. KF8 doesn't have great SVG support (for example there is no ability to zoom these) but they can be significantly smaller, particularly for line drawings and text rendered as bitmaps.
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