It works with all LucasArts games (with compressable content), meaning Indy4, Sam and Max, DOTT, Full Throttle, The Dig and MI3. I successfully tested it with my german versions and there shouldn't be a problem with any other versions.
What it does is compress all compressable files (*.SOU, *,BUN, *.SAN) using SCUMMVM tools and overwrite the original files with the compressed ones. Basically it uses the afforementioned SCUMMVM tools to make the smallest possible version of a game. Doing this 'manually' would take a lot of time, as there are many compressable files in these games.
Also, there is a lot to be saved. For MI3 you can save around 60% of the space the game would normally use.
Be careful though. There is a warning message in the batch file, too, but the batch file will irreversibly alter some files in the respective games directory.
How it works:
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1) Put these files into the game directory:
scumm_batch.bat (my batch file)
compress_scumm_sou.exe \
compress_scumm_bun.exe > (from SCUMMVM Tools)
compress_scumm_san.exe /
lame.exe (optional, needed for mp3 compression)
2) Run scumm_batch.bat. Optionally, scumm_batch accepts one parameter, which should be...
--mp3 (for mp3 compression)
--vorbis (for ogg compression)
--flac (for flac compression)
Simply running the batch file without a parameter (or double clicking it) chooses mp3 compression.
I hope this file will be of some help, especially for those limited in HD space, like me

That being said, the batch file was quite some work, and, if the team is interested, I wouldn't be to unhappy if the batch file was included in the SCUMMVM tools archive.
The download is here:
http://drop.io/mpmww8m