I won't try to optimize converted model for PSP and PS2, I am very sorry, but not worth the effort imo (I can't do much either, the best I can do to optimize models is to reduce texture size), there is memory limitation according to Teancum, with PSP models optimized with 128x128 texture and 2000 polygon, I can't optimize converted models to try to limit memory usage, plus if you were to use many converted models on PSP and PS2, that would probably reach that limit.
I checked the models I convert, most from mobile game and Marvel Future Fight for example has recent models with 512x512 texture and 10k+ poly, the less detailed models are 2000 average (Spider-Man basic model for exameple).
There is also the problem of adding outline that double polycount, all things considered this too difficult and time consuming to try to optimize those.
So, I'll just keep converting models with XML2 PC in mind using PNG8 texture format + displaying poly numbers (anything average 2000 poly, maybe will work), so converted models can work on XML2 PC and MUA PC out of the box.
I also won't release no outline version, too much time consuming, but you can remove outline via Alchemy 2.5 (in my case those are cloned mesh with 01 append). I also can't fix models size.