There is an undocumented feature to automatically scale down textures, but it does look pretty ropey as do most automatic downscaling atlas generators. It could look better, eg. by using bicubic filtering, but in our workflow we tend to generate sprites from vector graphics (or we use pixel gfx, where we only upscale), and the quality from downscaling vector graphics vs re-exporting is rather horrendous to say the least, especially when going from 4x - 1x.
You can also use mipmaps if you're not too bothered about getting the best image quality possible - thats just one checkbox in tk2d, and you can use the unity QualitySettings class to control how many mipmaps to drop.