Hi John
Thanks. I have rendered the project again checking that I am using the same settings that you recommend. Results are still poor. Please see linked photo from my 32in TV. 

The render is better but deteriorates with time into playback. Movement is subject to the worst distortion, otherwise is almost VHS quality. VBR was set to 2 pass and 8,000,000 max 4,000,000 min.
The 10 minute project takes an hour to render.