If you are using 7.0,
Once installed, there could be 2 printer created (on my machine) depending upon option during install
"Adobe PDF"
and
"Adobe Distiller"
In fact what's behind the scene is exactly the same Adobe PDF engine, BUT the way you can setup or edit setting are very different, so I first need to know which one you are using.
The "Adobe PDF" on my machine, once you enter
Printer->Adobe PDF-> Properties -> Printing preferences (or more directly with right click on printer -> Printing preferences)
Have a Tab called "Adobe PDF Settings" which contains 4 drop down menu
"Default Setting"
"Adobe PDF Security"
"Adobe PDF Output Folder"
"Adobe PDF Page Size"
and some check button.
The "Adobe Distiller" printer, fro the same tab show a different menu, mainly a unique dropdown menu called "Conversion Settings" and just under a button called "edit conversion settings".
That could be a way to distinguish between the two.
I suspect you use "Adobe PDF"
Anyway once you enter the Editing menu for Preferences you might have a dropdown box called "Compatibility", then choose PDF 1.6 (Acrobat 7)
( I suspect you exactly see where is this tuning based on your answer)
This allow every kind of compression to be allowed but could make your file requiring Acrobat 7 reader…
Then on the left pan click on "Images" you will see the tunning for Images compressions
You have 3 different areas, one for each color model.
You have a "Compression" dropdown menu, then choose "Automatic Jpeg2000", probably the best choice in your case.
Save and try it with your files.
You can experiment changing the "Image Quality" choice.
With Jpeg2000 Medium is higher than with the traditional Jpeg so you can safely decrease it.
Also of very high importance if you want smaller file you can change the threshold of resolution above which image is 'DownSampled' (means reduce resolution) to a lower res.
I use "Bicubic DownSampling" (best quality) to 400 dpi (tuning on the right)
"for images above" I set 600 dpi.
You can play with that. Don't go under 300 it's not good and not over 600 it's overkill unless you have a specific reasons.
You might achieve not only 5.0 kind of result but even smaller for higher quality.
Regarding jpg:
Jpeg is a kind of compression mathematically called DCT (Discreet Cosine Transform)
Jpeg2000 is another kind of compression using a mathematical model called Wavelet (far more clever, and curiously as old as DCT…!)
And Jpeg stand for Joint Picture Expert Group, a standardization organization
And Jpeg defined as well a File format, as a data format.
PDF use the Jpeg Data format (same internally as a Jpg file use) but enclose it within PDF object.
So you could be using Jpeg compression, as in JPG file, inside PDF file without even knowing it. Most probably the case with you smaller 5.0 file.
Generally Jpeg create some artifact around 'hard edges" like a Black to White, you see some slightly darker pixels in the White area.
I don't fully understand your concern with MetaData.
PDF Metadata as Adobe call it and use it, have nearly nothing to do with Image size or compression.
And it is not sure that generating a new PDF will preserve your MetaData anyway.