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First, you have to realize that because you're restricted to 256 colors there will always be a quality difference between a gif and the original color video.
If the video is greyscale you can get away with more since the color space is a better match to gif's restrictions.
You always need to start by the limits you're working under: what's the maximum file size?
Then you can start testing reducing the color palette/size of the image until you hit the palette/image size combo that suits your needs.
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