Seeking a Script for Texture Cutting and Repacking Without Losing Quality

Hi community! I'm in need of a functionality that allows me to cut parts of textures based on UV maps and repack them onto a new texture without losing the original quality. Additionally, I need this to be script-based for reusability.

For example, let's say there's a model with a 1024 resolution texture, but it doesn't use the entire texture space. The goal is to cut out the necessary parts and create a new texture from these. Imagine if the original texture was 1024, and after cutting and repacking what's needed, the new texture size becomes 512.

I'm looking for a way to automate this process with a script. Any insights, suggestions, or help in developing such a script would be greatly appreciated!

Thank you!