You can do this by script With a JPEG. Use the Base Elelements plugin or system scripts. I have one that cycles images down to 120k. Use the on object modify trigger.
I have the Base elements plug-in installed. So excuse my ignorance, but what do I do next - so you have an example where i use the Base Elements plug in or a script?
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Without using a plug in, you can use set field with the get thumbnail function to downsample an image file.