You can do what ever you need to do in MovieMaker. You don't have to drag all segments into the timeline. Just highlight all segs by hitting shift and click on the segs you want in the new clip. Then right click on them and choose
add to timeline. Then save to your computer and it will give you a large selection of compression choices that will let you pick the size file that you end up with.
Hope that helps you. Would love to see those clips you talked about.