Reduce Figure File Size in 2.5

I have a figure modeled in 2.5 and the file size after I export it is 7 MB. I need to make this on a milling machine and need to reduce the file size to about 1MB. There is not that much detail it’s just grown in size. I am not worried too much about loosing detail. I read using the Poly Reducer script in the Mesh pane will work but first I am not sure that will do it and I cannot find where the Mesh pane is? Will Poly Reducer work? Where is it, under Object Mode or maybe Edit Mode or under View ?
Or maybe to reduce the file size I should use something else? I would like to sincerely thank anyone who has any ideas.

At least you should enable (and save!) the option (Ctrl-Shift-U) under the tab File: compress to reduce the saved .blend
(maybe you have to do it twice… to get the old file saved smaller)