Another way to do it, is simple to REDUCE the ColorDepth to 8 or 4 bit images (I personally use GrayScale) and set Compression to LossyImagesOnly, with a LossyImageQuality of 75.
With these settings, the generated file is around 280Kb.
Greetings from Mexico
Samuel F. Montalvo
MComm / TuPalMX
Guadalajara, Jalisco
http://tupalmx.com