I am sure it's possible! Manipulating PDFs without removing features and reducing art quality is not something I know a lot about yet, but now that the game is in people's hands we have a long checklist of stuff like this to research and improve! Thanks for asking!
I've seen some folks just do a 'digital' version that has lower quality art just to make it run better on phones and low power tablets, so you might not have to worr about making one high quality and also small file size book.
