If your attempts to use v0.80 failed, please try the new version.
http://hobbes.nmsu.edu/cgi-bin/h-search?key=iconomize081.zip
or
http://e-vertise.com/rws/iconomize081.zip
Iconomize is a unique tool that lets you eliminate the single largest source of bloat in os2.ini: duplicate icon data. If you haven't used it before, running Iconomize just once can reduce the size of your os2.ini anywhere from 10% to 25%.
From:
From the VOICE OS/2-eCS News Service http://www.os2voice.org