I thought I might learn something by looking at this so I played around some with decimate. My first observation was that decimate produces non-quad faces so I doubt that you will be able take the decimated clothing back to MakeHuman through MakeClothes. After applying a decimate to the clothing it seemed to still follow the armature without problem, but with a lot of skin break-throughs. After deleting the body faces that should be hidden under the clothes everything seemed to be okay, although overlaps near the edges are a possibility. The remove body faces under clothing function leaves more body mesh when used with the proxy so I deleted a bunch manually.
So, give this a try:
1) create your character in MH using the low poly proxy, low poly eyes, and adding clothes etc.
2) export from MH and import into Blender
3) select the clothing and add the decimate modifier, decimate it to desired extent, apply the decimate modifier
4) delete as much of the hidden body as possible, including adding loop cuts to be able to trim back polygons
5) tweak the clothing mesh to avoid remaining body mesh, subdivide faces as necessary, extend edges of clothing into the body mesh if desired
6) use in Blender or export from Blender in your desired format
I would be tempted to look into using image textures to create the clothing directly on the body, but then you could use any old low poly mesh.
Here's Suit06 decimated down to 600 polygons: