It's actually more than that I think. Unless I'm mistaken, /media/mmc1/ is in the root which is where you copy all of the data that wargus extracts (another 16M). Maybe this is only true if you don't have a memory card installed?

Shouldn't this be installing and pointing to /home/opt? If you're going to hard code anyway, put it someplace nice. Change /media/mmc1 to /home/opt and that will get a majority out of the root.

Frank