Yes...
There are many options...
If the model works in wed, then the large size is probably that the skins are really large file sizes...
Try smaller skin bitmaps...
Try .tga files if the skin uses an alpha channel and use .dds files for all other skin files...
The .dds files really slim down the model size...
Lastly... if you need to... use the "Mesh Reducer" in med.
I'm pretty sure that will not mess up your bones animation...
Best of luck