How decrease the size of images which are present in uploads folder?

First I must say I like the web server approach where you create cron jobs.
In Linux, you have great options.

EXIF tool to remove bad meta information.
You just need to set the cron job once a day.

Since you need to optimize the existing images.

  • For png images you have optipng
  • For jpeg/jpg you have jpegtran

To regenerate the thumbnails from your images you can use this plugin. You can find the author in here in WPSO.

Just let me know if you need more info.