Upload all new (smaller) images to your media library.
For each large image in the page/post text editor, replace the img src with the smaller image URL, if you leave the larger image as the a href URL, on click, the larger one will show, which shouldn't be a problem.
Page load time should decrease.
If you delete all of the larger images, you must delete/change the a href URL or a 404 error page will appear.