How can I compress an Imported Movie even further?

Question

I have a 20 second movie 230 x 129 size. The file size is 1.2 mb. I then imported it into Flash. After it's all said and done the finall SWF is 1.7 mb. I plan to put this on my homepage, but I want the file to be smaller. I reduced the flash .jpg and output settings to their lowest but the file remaied at 1.7 mb so this tells me the imported movie is causing the large file size here.
Is there something I can do to make my imported movie smaller so my resulting SWF is under 1 MB.
Update:
I just compressed the QT movie to 520 kb (the old movie size was 1.2 mb) and then imported it into my Flash file, then I published the SWF and the file size was still 1.7 mb. This means the Flash SWF file with an imported movie of 1.2 MB movie is the same File size as a Flash SWF file with an imported movie size of 520 kb. This doesn't make sense to me as the SWF file size should be a lot lower.
1.2 mb imported movie. SWF file size = 1.7 mb
520 kb imported movie. SWF file size = 1.7 mb
What's up with that?

Answer 1

i went through your instructions and with the trace event, thanks
its looping now.. but only once and with a very noticeable gap in between
import fl.video.VideoEvent;
function onMouseClick(e:Event):void
    //navigate to next page from here
    trace("http://www.transformingscotland.com/?page_id=42");
portal7.autoRewind = true;
//Assign mouse event listener to player. In this case MouseDown player_name.addEventListener(MouseEvent.MouseDown, onMouseClick);
portal7.addEventListener(VideoEvent.COMPLETE,onComplete);
//Above eventListener checks to see if playback has finished/completed //So the onComplete function is called if finished
function onComplete(e:VideoEvent):void
     //The autoRewind will reset to first frame and stop
    //Try one of the following below...Uncomment one at a time and try it...
    //player_name.source = URLFILETOPLAY;  OR
    //player_name.play();
     portal7.seek(0);  // <---This should position it a movie frame 0
     portal7.play("http://www.transformingscotland.com/wp-content/themes/Amirra/Amirra/images/portalavi.flv");
ps - there's the ability to add fvars via the flash embed plugin that i use on the site.. (wordpress) not sure if that could be utilised for the hyperlinking?