Joey,
Okay, I see what your saying. Yes your right. You can build the whole project 4×3 anamorphic using the settings I gave above and export out the project 720×480 anamorphic to compressor. Compressor will understand that the video is anamorphic and compress it 16:9 instead of 4:3. In DVD Studio Pro you can change the settings so if it is played on a 4:3 TV the TV will show the 16:9 footage with black bars on the top and bottom so it fits in the screen. Or if the TV is a 16:9 one it will fit the screen perfectly. I just finished a project doing this and it looks fantastic.
Stephen Smith
Salt Lake Video
Check out my DVD Money Making Graphics & Effects for Final Cut Studio 2