Thanks for the help - it cleared some of the fog (not all).
I made a few mistakes

, but is looks better...
I downloaded a TIFF header decoder - and found out that the file is in did TIFF with some CCITT compression (for fax). Not layered, not embedded JPEG, just plain compressed monochrome TIFF.
When opening the file, photoshop probably converts the format in order to be able to read it, the 170 KB become immediatelly 1M - What I hade missed before

is avoiding to use pixel aspect ration=1 THAT'S WHAT MADE THE FILE 5M

. And I found out that using pixel aspect ratio of 2 makes the file only 2M, why I have no clue.
Next step, I forgot when cropping to clear the settings, so that PS was actually resampling the image instead of just cutting the file.
Not so speak of that I had to convert it to grayscale in order to work with it. Then using the ruler and rotate canvas arbitraly I finally managed to get my text straight and looking good.
Once I saved as TIFF with LZW compression, it became just a bit larger, somewhat over 200K, I guess that's the price of being able to work with it.
Still crazy about that thing of opening a 170K file and ending up with 1M, but is must be something with the compressing of the scanner.