Here's what +doesn't matter+ to the iPhoto Slideshow: The File size.
What matters is the dimensions - length by breadth - of the photograph. If this is smaller than the screen you will be viewing it on, then you're Ken Burns effect
may be blurry. If you want to pan and scan (use the Ken Burn's effecr) zoom etc, then use dimensions larger than the screen.
Other than that, the file size - i.e - how many megabytes - doesn't matter.
So, by all means reduce the file size if you want. How much by is impossible to say because it will depend on the quality of the actual photo and the scan. If it's a crisp sharp images and you can still see a crisp sharp image having chucked away 95% of the file size, then do that.
Alternatively, Import the large files. Make your slideshow. Export it as a QuickTime movie. The remove the large files.
Regards
TD