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I remember seeing this someplace and that it was really simple, but for the life of me I can't remember exactly what it was I had to do, nor can I find the information again (!)

Help, please?

Anything (well, most things) model-related have their own FAQ thread:
Modelling FAQ.

From that, we get what you specifically asked for:
setting up a lowrez mesh.
A warning, though - most of those tutorials are for XSI.

thanks, just needed to know about adding _lowrez to the end of the file name (which was provided in that topic, thanks)