[MPlayer-users] Best quality for 42 minutes in 350mb

[Dark Shadow]

After seeing a few downloaded tv shows that had awesome quality for
there size I would like to make some for my personal use and have got
confused with all the settings so I was wondering since it is a well
used size if someone already made a script and would share it. maybe
with multiple options like realtime encoding with expectations that
file is 350mb after editing out commercial. or and prefered one that
takes a uncompressed file made from this command

/usr/bin/nice -n 0 /usr/local/bin/mencoder\
tv:// -tv driver=v4l2:device=/dev/video0:norm=ntsc:fps=29.97:input=2:width=720:height=480\
:alsa:adevice=hw.0,0:audiorate=48000:amode=1\
-oac lavc -ovc copy\
-lavcopts acodec=ac3:abitrate=192\
-quiet\
-o $1.avi\
-endpos 1:04:00

Then using 2 pass's compresses to 350mb. The ouput file will have
stereo ac3 audio with a bitrate of 192 and a resolution of 720x480