when optimizing you don’t want to build for smoothing. bracing edges aren’t necessary. the bands around the main cylinder are quite heavy and so are all the valves at the bottom. you could probably even lose a couple loops going along the length of the cylindrical frame as well. all those nice little details that look great facing the camera but don’t really add much to the silhouette can go also. normal maps can handle that.
as far as baking is concerned. keep that model there, duplicate it, get rid of all the polygons in the places i suggested (only on duplicate), download http://www.xnormal.net/ (they’ve got good tutorials) and you can then use your high res version to bake a normal map and occlusion or whatever else you want to your low res version. then texture the rest as normal.