I think the original poster said he can already achieve the desired output via the standalone Microsoft encoder (I imagine via an intermediary file like an uncompressed avi) but this is not suitable for his workflow as he stated.
It would be good to hear from adobe or someone in the know why there are artificial limitations on the windows media encoding in the adobe suite of products and if there are any workarounds.
The whole point of having these expensive adobe suites is that you don’t have to leave them and you retain as render-less a workflow as possible which seems to be a primary objective of adobe over the past few releases with dynamic link etc. Seems a shame to fail at the last hurdle and have to use another piece of software and incur unnecessary rendering and storage.