1. 32mins isn't very long.. 45mins at optimum quality is a better aim
2. deinterlacing is essential
3. microsofts encoder is poor compared to TMPG and very poor compared to CCE
4. CBR == death and 2060 is pretty low if you dont want quality loss
rather than keeping it simple, learn how to do things properly and be proud of your achievements. it doesn't take a genius to learn how to do simple encoding, and you'll be a lot more accomplished than relying on a "press go" program. heck, TMPG even gives you a template AND a wizard to get you started, so its not a big deal.
BBC technician? hell no. maybe a C5 tech...