arm-linux-strip
is the command you're looking for. It strips out debugging and other symbols which will often reduce the executable's size. I don't think it helps with the resident memory size while running, as the linux loader is smart enough to not load unneeded symbols.
You can also do a 'arm-linux-strip -g' on the library files to decreaese their size.
hope that helps!
(sorry for typo;s, typing one handed with my 10 day old son in my other arm!)
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