You got some expensive toys

1. Not sure

2. Yes,

A. You could do it by hand... Long process but best route to take.As you control where verts and faces are removed

B. Use a decimation program blender has one.... However that will ussually lead to messed up deformations in the animations.

http://www.freewebs.com/otama_syndicate/index.htm - Each master to his own technique.

- Not me said the bee, Nor I said the fly.