If you're on Windows you can open the video into Windows Movie Maker, and then export it using the function to save it to file which fits best to X mb in which you can enter a value. Easy way of doing it.

And as for the video it self, I watched one, the car photo shoot one, and I would say to try and make it flow more, and try and add some variation. Maybe try and change length of clips between longer smooth clips, and short interesting clips. Also, I think for the amount of footage and the variation of the actual shot footage, the video length should be somewhere between 1.5 and 2 minutes, not 3 and half. This way people will stay interested and you can use shorter cuts of the clips without stretching out there use. I may be way off, but I hope this helps.

Peace