is the object a grouped or a solid (just 1) obj? If it's a solid object, after you've scaled it down to the size you want you can open the group editor (may have to create a new group) select all, and create a new prop. I don't remember if the new prop has all the material zones or not though. Then save the new prop to your library. I have done this several times with some of the large models from Shredder, available on sharecg.

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Consider me insane if you wish, but is your reality any better?