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What do you mean by "size"? The image or file size? Assuming that you meant file size, for the optimum results you must go through each image manually by playing with the settings. For batch processing, you can't get the optimum result. image size vs. image quality.
Nonone can give exact settings for that optimum result because it varies from image to image. However, setting the quality bar to 50 - 51% usually gives the optimum quality/size for jpegs I think.
And yes, always use the "save for web" interface.
1. Resize the physical dimensions to the desired size first.
do this in photoshop by ...
convert to psd format
image > mode CMYK
image > resize > desired size
image > mode RGB
2. convert to a jpeg or gif
personally i think smartsaver pro (free trial available) is better at compressing jpegs than photoshop/imageready, just my opinion - both are good though
Knowing about great exporting is one thing, designing around the constraints of something as great as the GIF file format is another.
As always if you are publishing photos - use jpgs, jpgs with similar color attributes (similar adjacent tonal qualities) will be even smaller.
* Think about a splash of CSS to control your fonts externally as well to contribute to the goal of faster downloads.