Thanks again for your help.
Here is a summary of what happened:
our team found out that many festivals use either withoutabox, Film Freeway or both as an online submission for your film instead of a DVD (or prefer it to dvd). They both have a file size limit of 10gb for 1080p files. What we did was export another quicktime with h264 codec and a stereo mix instead of our surround sound mix. (AAC codec) The large file fotokem gaves us appears to be for theatrical playback.
in order to achieve the 10gb file limit, i set quality to 90 in Adobe media encoder’s settings. i made sure to use max render and render at max depth settings. sound at 320kbps, 48hz.
for the mp4, i can’t remember what bitrate was used, but i just kept going until i got close the 10gb limit. the result was still high quality and acceptable for screener quality.
oh lastly i forgot to mention that i put VBR two pass. it seemed like a better deal for quality and also for file size. my understanding of these two, VBR and CBR, seems like that VBR two pass can produce just as good of a quality in most cases than VBR, with less file size. however, a two pass VBR is cpu intensive and can easily triple your export times. (i7-4710hq) i set max bitrate to 300 so that the VBR will never hit a ‘ceiling’ ; the target is set for 25,50,70, etc but has a max allowable of 300.
i did not set “key frame every ‘x’ frames”, i usually have that unselected, which i’m guessing is either off or automatic. either file, the quicktime or MP4, is high enough to show someone a quality, color corrected version of our film while also good enough to create DVD copies from.
off to the festivals we go!