I actually use Lightwave for most of my modelling, and just use Max to convert, these days, so I'm not as up on it in Max as I should be. I will say, though, that regarding those poly reduction utilities... some of them do an awesome job, but there really is no substitute for modelling low-poly from the start. Obviously, it's a bit late now, but it's something to keep in mind for later projects.
If you can't get the poly count down any other way, send me a PM and we can arrange to run it through one of my utilities. Last night I took a 6100 polygon model I had laying around for CG cutscenes and knocked it down to 2000 with no significant detail loss. I was pretty impressed-- the reduction glitches were very minimal.