I'd say that the result look quite nice, but there is still problems with the UVs. Maybe a first step would be to reduce the budget? 512 instead of 1024 would push the artists towards optimization. As it is now there is so many textured duplicates that really only need to be there once, just like on M1919A4-03.jpg and M1A1Thompson1.jpg.
Is the same person taking care of unwrapping and texturing? If so, he/she has total control over the way things are put together and is not restricted to a layout where every bit has a clear function. Like, you can squeeze long tubes down to something much shorter on the texture, and have the UVs fit inside that in order to save space - while still being careful with stretching, aso.
Just like with that strap texture that you could very well get down to something like this:
I did't make any resolution change but just kept the redundant bits out and its now a 128*64. Then you can divide the strap model into sections, and have their UVs to overlap on top of this.
Hope this helps!