I'm a beginner with construct but I don't think it has much to do with construct itself - it's the way you're implementing your particle effect. The thing is you're going to have to keep all of those frame images inside your video memory in order for them to be played on demand.
All I can think of is to reduce the size of the image directly like you mentioned, reduce the amount of frames being used, or render your particle effects inside construct. Can't you resize them inside of an image editing program? Even construct's built-in one would work.
Also, I'm pretty sure the amount of colors in the image is really only important in png compression. When the image is inside video memory it's in raw bitmat format. Someone correct me if I'm wrong.
Edit: Nevermind. I'm too slow. lol