Loading up 2 Dragon Hatchlings, by themselves they made the pz3 file 51mb.

After you have your Dragon (or other figure)  in it's final pose with morphs and deforms;
save the materials set to library
then export your figure to .obj.
(tick weld, and I can't remember if I used save body part names or existing groups.)

Import .obj back in. 
Loading the dragons as props, reduced the file size to 19mb.

The caveat is the .obj will remember jpg textures, but won't remember procedurals. 

Loading the material set will ask to create new materials,
then it creates duplicate body names. 
I manually copied all the materials over to each of the original body parts.
On the bright side, once you save this material set,
it will apply properly the next time you export/import the dragon.

I'm too tired right now to test this method on people figures,
the theory is to save people figures as props
to use as pedestrians and crowd extras people.

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