Models:
Take care to crop out anything unnecessary, if you know the file system well the best way is to use notepad/notepad++ and edit the MDL files directly.
Afterwards, use MDX Squisher. It basically cuts off the last bits of the numbers, rounding them to a more fitting value. Don't expect to see any notable difference if you apply it only once. The effects only show after MPQ compression.
Link to MDX Squisher:
http://www.wc3c.net/showthread.php?p=800246&fromattachment=800246
Textures:
There is a multitude of
tools like the
BLPaletter, which uses a color palette to reduce the size (making it more effective on images with a low variety of colors).
If you don't care about mac users, you can probably use all those tools. If you do, you should be careful though - macs seem to experience crashes when you use certain functions of tools like blplab, paletting etc.; I never got around to do detailed tests on what crashes them though.
If you wanna be safe, go for
WC3Viewer and don't use batch conversion. When converting with WC3Viewer, you can set the compression quality which usually brings good results with values between 35 and 55, depending on how complex the image is in terms of color variety, sharpness etc.