How are you presenting this anyway? From a DVD? Blu-Ray? A mp4 file to be played from a laptop etc?
If a playable DVD you’re basically stuck with 720×480 to stay within DVD spec, but set a 16×9 flag so it displays properly. Set the video bit rate at 8000 kbs, audio at 192 kbps.
If Blu-Ray, set video bit rate to 25000 kbs. If mp4/h.264 file from a computer’s hard drive, set the video bit rate from 8000-10000 kbs.
What reason are you so concerned with the file size? What encoder are you using? This doesn’t have to be complicated.