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If you fiddle around with compression settings in Acrobat (150-200dpi etc), you can squeeze in as many as 3 full passports in colour scan with quality that is reasonably good. I did.
If I go for lower dpi(100dpi) the pasted are not legible and even 100 dpi gives more than 4 MB.
 
If I go for lower dpi(100dpi) the pasted are not legible and even 100 dpi gives more than 4 MB.

It requires more than just dpi reduction. You have to go tweak some other compression criteria within Acrobat. I didn't go below 150dpi/color scans and managed within 4 MB.