1. Are you using Premiere Pro 2.0?
2. Are you using the Adobe Media Encoder?
3. Are you selecting H264 video as the QT codec?
The reason I ask is;
1. I cant find where to choose uncompressed audio which you should not use as it will take up half your bitrate. Choose either QDesign Music 2 or Qualcomm Purevoice at 22 khz–mono.
The reduced audio bitrate of about 48 kbps will help some by allowing more for video bitrate, but a combined bitrate of only 200 kbps is just not enough for your content at least at 360×240. Changing to 320 x 240 (square pixels) will help a little.