Begin your work by doing a "save as" and save your jpg file as a psd (photoshop) file. This will lock in the quality. Make sure your working color space is sRGB; you can change it in "image/mode/assign color profile" if needed.
Do all your work on the PSD file, which allows incremental saves without loss of quality; it is a "lossless" format. Do nearly all of your owrk at full size, including sharpening. Preferably, use layers so you can easily toggle changes and modify/discard them as needed. Read the rules for basic editing to see which layers are legal in basic, however; not all of them are.
When you are satisfied witht he full-size result, flatten the image to a single layer (layers/flatten image) and then resize the image to 640 pixels, using bicubic as your method or perhaps a 3rd-party, step-interpolation method like those sold by Fred Miranda. Resizing is a bit of an art form, unfortunately.
Take the resized image and in the "view" menu click "actual pixels"; now you are seeing it as it will appear on your screen when posted to DPC. It will most likely need additional USM to crisp up the sharpness and contrast; now's the time to do that.
Finally, go to "save for web", click the fly-out arrow upper right, and choose "save to filesize" and set filesize to 150Kb. Choose your destination folder (default is last folder used) and click OK.
The save-as screen will go away, and the resized psd file is still on your screen. Close that file WITHOUT SAVING IT, as it is the 640-pixel version of the .psd file and you no longer need it. If you save it when prompted, it will overwrite the large psd file and you'll lose your working master.
Robt.
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