For Premier itself, you can use a variety of codec's to export to. Most notibly divx 5.xx is the only one i'll use straight from Premier.
Now, to tell you the truth, if you want the best compression you can possibly get, along with nearly flawless quality... there's only two paths you can take. Divx311a and Xvid. I use D311a myself, but you mentioned that 460mb is huge, and that you didnt want to use an external program.
I'll go on a limb and try to give you some information on how to config the 5.xx codec to the best of my abilities.
(PS: I mostly do my work in a 640x480 workspace)
Install the divx codec (note: If you get the free version, it does install adware onto your computer), restart your computer and open up premier.
New Project --> Custom.
General Tab:
Editing Mode - Video for Windows
Timebase - 29.97 (or lower depending on what YOU want)
Time Display - 30 fps Drop-Frame Timecode.
Video Tab:
Compressor - Divx 5.X.X Codec
Depth - Millions
Frame Size - 640x480
Frame Rate - 29.97
P.A.R - Square 1.0
Configure Compressor Tab --> Bitrate Control
Variable Bitrate Mode - 1-pass
Encoding Bitrate - 3200 (this will depend quality/size, play around with this number a bit)
Configure Compressor Tab --> General Parameters
Performance/quality - Slowest
Max Keyframe Interval - 150/300 (A keyframe is the first frame in a sequence which the whole picture is refreshed and shown in the best quality possible. Each frame after a keyframe is slowly depleted in quality until the next keyframe comes around. Alot of people keep their keyframes every 10 seconds (300 for 30fps), but sometimes if the bitrate is low, every 5 seconds (150 for 30fps) is a better alternative.
The rest of the tabs you don't really have to worry about. If size becomes a problem, drop your frame size to 320x240, try dropping your frame rate to 24 (24 is the closest number to what cable/dish company's use). But by far the thing that's going to make or break quality is going to be your bitrate.
If by chance, I didnt answer your question, reply in saying so and i'll do my best to answer it correctly the next time.
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