Actually I would not recommend MPEG Streamclip.
While it’s an awesome tool for conversion between formats I would use a tool like Techspansion’s “Visual Hub” (which is built around the same codecs as FFMPEGX but actually has a usable interface) for compressing into web video formats.
It costs $23.32 and is available at https://www.techspansion.com/visualhub/.
If you want to get the last bit of quality out of your compressed movie I would recommend a professional encoding application like Episode from Flip4Mac. https://www.flip4mac.com/episode.htm
While it costs from $399 up it handles almost any codec format on earth.
The problem with exporting via FCP’s QuickTime export, exporting via Compressor or exporting via MPEGStramclip is that all of these solutions use QuickTime’s own MPEG-4 or H.264 codecs. Which, compared to the other alternatives, are slower (to compress), lower quality and don’t offer the same amount of parameter customization.
VisualHub reads QuickTime reference movies. So you only need to export your FCP timeline into this format without the need to render a your sequence into a self-contained QuickTime movie.
A formula for calculating the data rate:
datarate (in kbits/sec) = (target) width * (target) height * (target) framerate * q-factor / 1024
A good starting point for the q-factor would be:
MPEG-4: 0.23
H.264: 0.15
Please also keep in mind that most web delivery codecs (incl. MPEG-4) compress best when the width and height are dividable by 16, e.g. 320×240 etc.
Best regards, Oliver