Well it might do all that you want but I've been playing around with http://planetelderscrolls.gamespy.com/View.php?view=Utilities.Detail&id=76 (AKA Morrowind Textures Compress & Reorder) and it's great. You can specify a texture size threshold (e.g. above 1024, 2048...) and the proggie will resize. You can also use it to modify texture paths in NIFs too. Well cool.
Ditto, also it is the only program so far testing texture transparency and automatically deciding to convert to 1bit alpha if convenient.
Like other similar apps it sometimes chokes with bad meshes (but that is probably a common problem), and often is able to do a good job even optimizing meshes.
The only thing I don't like is that it always adds texture\ in front of texture name even when not necessary.
The possibility of files relocation to a whole new folder structure is good in theory but too risky/confusing to me, but it is optional and disabled by default so no problem.