Resolution: Unless its massive, you should keep it at 320x240 or even 640x480. I have a widescreen 640x368 video that is only 26MB, and it's four and a half minutes long.
Compress Audio: Use an MP3 codec. Dunno what you used.
Reduce framerate: Again, unless its superhigh, don't do this. It makes it look bad. If it is above 30fps, you should, but I would only reduce it to 24fps, if it isn't at that anyway.
Your biggest problem is you are using .mov. .MOV is not that great of a video filetype. You should use .avi and make it divx. Overall, divx3 alpha probably compresses the best, and is compatible with nearly anything.
If you want to read up on everything codec read up at this awesome guide.
http://www.animemusicvideos.org/guides/avtech/
Some of it is based around anime music videos, but there is a TON of useful information in general about videos and music videos in general.
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