I'd retype the text and then capture the images out of the document and that
will shrink the file size a lot.
I'll take my standard lecture on JPG vs. GIF.
JPG is for images of scenery and so forth. It does sublte things on an image
with more changes to the image as the compression level increases. The
worst thing to compress with this format is text as the frequency response
is extremely high for this and that means that the image doesn't get as
compressed as otherwise.
GIF is for graphics images. It doesn't reduce the information in the image
but rather just uses techniques to reduce the amount of redundancey in an
image's file. GIF also has the ability to use less bits per pixel than JPG
does which in itself reduces the amount of information that needs to be
compressed which is a compression in itself.
Reducing the colors to B&W, reducing the size of the image (the text is
ratehr large), and then using the GIF format should reduce the size of the
images to under 100K Much better tho would be to convert the image to text
where possible and then add in the images as necessary. This will reduce
the size of the file (even if it is a PDF) to a fairly small size.

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Why do penguins walk so far to get to their nesting grounds?