I was wondering about this bloat too. So the gist of my question
is - do we have to bundle dependencies with their optional stuff
due to some reason, like licensing requirements? For example do we
really have to bundle everything in Xpm-nox library distribution,
or just the dll itself would do, since for running we only need
Also, some time ago with manual testing I figured lists of dlls
we need get fully-fledged Emacs running for each toolchain, to use
in a script. See here.
Maybe it's gonna help you in your quest.