Taking another look at the payload showed that the otherwise innocuous launch images were 32ish Mb in size. The background of the images wasn't a solid colour. The background pattern was more of grayscale static similar to an unwatchable terrestrial TV feed. It was intended to resemble the initial sound of a CB radio used by truckers. (The "Chshhh" in "Chshhh 10-4 Good Buddy")
Since "staticy" audio/imagery like that is inherently random, each launch image(1 per device resolution) was composed of primarily uncompressable data. Switching out of the "staticy" background for a plain gray reduced the payload size to ~20M, a savings of ~30Mb. That change took approximately an hour.
The takeaway here is to take a good inventory of the payload before tackling size reduction. Otherwise you end up fighting the hard fight just to be pennywise
Also, uncompressable launch images for iPad Retina displays are stupid huge.