Quote - My working V3 is 256MBs, and my M2 is 100MBs.  The other day I decided to make each .PZ3 as small as I could get it without losing quality.  

V3 went really well I was able to run CollectSceneInventory.PY, and .RAR the result to the tune of 12MBs!

M2 has been a totally different story though.  I'm still stuck around the 50MB mark, but at least I know why.  It's got to do with two, 25MB and 10MB, .BUM files I have for the Head and Body!

What are some ways to get around these, are there alternatives, can I shrink the file size, what is a good editor?

=  )

Yes, like Belle says, convert your .bum files to .jpg files.
First change the extention from .bum to .bmp
Then you can load them into a paint program.
Then save them as a .jpg file. 
Then load your pz3 file into a text editor and change
every instance of .bum to .jpg.  Be sure to make
a back up copy first until you know it works.
If you have Windows just use the Windows Explorer
to change the extension, the Windows Paint program
to load the .bmp and save it as a .jpg, and Windows notepad
to edit the .pz3.

Afterwards you can delete the .bum files and
the backup .pz3 files.