Well done
s1lv3r - a lot of effort has gone into that.
Just to add my pennyworth. I would suggest it's best to use the JPG format for photographs and GIF or PNG for computer generated images (bit like what you said really). Please don't dismiss the PNG format - it offers many advantages over GIF. The compression is lossless, the files are smaller, there are more colours and it is not subject to a patent claim by Compuserve! More details available here:
http://www.libpng.org/pub/png/
Here's your screenshot as a PNG - only 4334 bytes!
PS. Why is your BMP image showing compression artefacts?