mranonymous wrote: If I go to individual links ( Photoshop and Illustrator files ) and merge, flatten, etc. for all images
and drawings in the portfolio, then would the resulting Indesign export be reduced as well?...Right now, some of the Photoshop and Illustrator links are large files that I only used parts of through the bounding box in InDesign... |
You could try that, but it would be a lot of work. But you could achieve the same thing in InDesign itself when you export, that's why Rob Day asked what your compression settings are. The screen shot below shows the options Rob was talking about. Near the top (Color Images) is where you can control how InDesign compresses images. You should start adjusting JPEG compression here, because it's a lot faster and easier than going back to Photoshop and flattening/compressing each individual file to JPEG. InDesign Export PDF can do that in bulk for you.
At the bottom you can see the two options Rob talked about. Line Art means Illustrator files, while Crop Image Data to Frames will leave out anything outside the visible bounding boxes in InDesign so that you don't have to manually re-crop every image.

mranonymous wrote: Also, when I try distilling EPS, the result is always individual pages. How may I distill the entire pdf of 30 pages? |
As far as I know, the EPS format is only a one-page format. I don't think it's possible to have a multi-page EPS. You probably don't want to go down the EPS road any further, because everything that the old EPS format did can now be done better and more efficiently in PDF.
mranonymous wrote: I am working on a portfolio of 30 pages. When exported to 150 dpi, the file size is about 50 MB...I have the task of reducing this file size to under 4 MB |
You may need to reset your expectations. A 4MB PDF might need (just guessing) 1MB of overhead and text, leaving maybe 3MB for graphics. If the portfolio has around 30 images, then the compressed versions of the images must average around 100KB each to fit within the 3MB total limit they have to work with (that's 3MB divided by 30 images, so adjust for whatever number of images you actually have). As a test, you can go back to Photoshop and see if you can export JPEG versions with acceptable quality that are under 100KB each, after cropping and resampling to the size you want to use them in InDesign.
If you really think it might help to go back to Photoshop and Illustrator to shrink down the original graphics, that's what you have to keep in mind. All of the portfolio content must total around 3MB or less before you even put it into InDesign. If you can't get a folder of the original individual graphics down to around 3MB on its own, there's no way a PDF can be only 4MB. If that's what you find, it means you've been handed a task that isn't possible to achieve and the file size expectation must be raised.