The GIF file format supports a maximum of 256 colors (8-bits for all three colors channels) and for a still image image this isn't so bad. But when that same 8-bit Color Table needs to be used across 24 or 30 still images (or frames) per second, there's not too much that can be done to improve picture quality. For video to look okay, we want at least thousands of colors (16-bits total, 5-bits per color channel and 1-bit for an alpha channel), but that's still in the ballpark of VHS quality from the days of analog video. Of course, we're used to seeing video at millions of colors which usually looks great. It would be amazing if Animated PNG would become common as it supports millions of colors. We used to be able to use an appliation called Debabilizer to analize each frame of a video clip and generate a Super Palette of 256 colors that best represents all of the frames and could be loaded in Photoshop in the Save for Web (Legacy) dialog box. To run Debablizer today, you'd need to find an old Mac from the mid to late 1990s (back when designing for CD-ROM and low color depth games was common) and use a legacy video CODEC.
As far as reducing the file size of the aniamted GIF goes, there are still a few things to try. If you're not already doing it, reduce the frame rate. So, if your video is 24 frames per second (fps), reduce it to 12 fps or 8 fps. If your video is 30 fps, reduce it to 15 fps or 10 fps (or 5 fps if that'll work). The fewer frames, the smaller the GIF file. You've probably noticed that you can reduce the colors in Photoshop from 256 to 128 or 64 or 32, etc. The lower that number is, the smaller the resulting GIF file; however, you're likely to noticed tha the picture quality drops as the number of colors drops.
An old trick to get animated GIFs with video smaller was to go with a tri-tone or duo-tone as a style for the look of the video. If you're not familiar with what that is, imagine black & white video with a color tint.
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