For optimizing a game for Windows Mobile.. please read on
General
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-Activation Regions
-Lowest Sound quality - 11025 Hz
-Keep view movement to the minimum -- don't make the player its parent
-Keep your Code Clean!!
-Beware of collisions!! They will lag your game
Images
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-Decrease the size of each image
-Slice Images up in GIMP or PS
-Try not to overlap Environment Images
Animations
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The amount of frames you have in your animations really isnt a problem (I have 2000 frames in my game) but make sure you keep your images small.
If you want to get your images smaller try decreasing the color depth!
Bee-Ants Tricks
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Turn off activation out of vision.
Avoid mega cloning usage (clone more than 500)
Use narrower view
Use multifunction actor
Avoid too much of collision usage
Use midi for the music
Any more suggestions would be helpful.