Don't forget NetLoadModule and your hotkey module. Getting rid of NLM and (x)label should help most. You could also disable LSUseSystemDDE (restart litestep.exe after that, don't just !recycle).

But don't say that you don't want to remove label because you need its features. You can't cut any program's memory usage down without losing any functionality. Any feature that you add will add to the memory usage.

EDIT: Before I forget, loading label won't really use too much memory, but using its [vars] might do that.