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I have just been doing such a thing, I started with an mpeg recorded with WINDVR from TV. Then used TMPGenc to edit out the commercials. Then I discovered that the file was too big for one CD so I used
WinMPG video convert 2.5 to convert to AVI and then used TMPGenc to re-encode the file with a modified video and audio bitrate. (adjusting the rate was trial and error) but I ended up making it 1050kb/sec video and 64kb/sec sound. Finally I wrote the file with NERO with Standard checking disabled. Well it works on my cheap DVD player so the kids dont care , and it stilll looks better than my clapped out VHS player.
Hope it all works out for you.
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