Agreed. The Telestream codec is a good implementation, but it doesn’t have alll the latest bells and whistles of our v11 implementations. And you can’t use WMV PowerToy to set all the magic registry keys:
If it’s 24p, encode using Compressor’s “24p” mode, which will make it have the proper 3:2 pulldown (top field first, I believe, but it doesn’t really matter).
Yes, if your source is 4:3 (no matter the pixel count) you want to deliver as 4:3 square pixel for transcoding from 320×240.
The simplest thing to do is forget you know how many pixels are in the source – just make sure your source aspect ratio matches your output aspect ratio.
Oh, good real-time MPEG-2 encoding is definitely possible – ProCoder is faster than realtime for 1-pass VBR on my XP box (although 2-pass Mastering Mode is more like 1/3rd real-time).
There really aren’t any great MPEG-2 enoder on Mac. I like ProCoder for when I’m only doing 2-pass encoding, and CinemaCraft if I really need to tweak a file segment-by-segment.