6gb fcp movie into 2 gb qt

Question

hello out there
i completed a 31 minute fcp movie
frame size 720 x 480
audio:48khz 16 bit    
quicktime compression settings =
compressor : ntsc - ccir 601 /DV
compression type: dv/dvcpro ntsc
scan mode: interlaced
aspect ratio: 4:3
i exported using qt [no converstion]
resulting file is 6.64 GB -
How would i get it down to 2GB to send a digital preview movie file to festivals either via
"withoutabox" or "shortfilmdepot"
whose size limits are 2GB. i would like to use up all the size for best  possible quality result.
this is the first  time i have attempted to use the compressor and i'm not sure at all how to get the best quality
within size limit.
could i also just use the quicktime conversion to get a highquality 2gb movie from the 6.64 master?
if so would i do that within fcp
also: should i de-interlace?  in fcp render settings? and/or the compressor settings
and also what about the noise reduction filter in the compressor settings? the
ambient sound is quite present  in the movie but also composed music and i was wondering wnat the
noise reduction filter does to quality of music.
well any advice would be greatly appreciated, 
thanks!
celia

Answer 1

Use these settings for a start.
File>Export>Using QuickTime Conversion.
In the window that opens click the Options button and in the new window (called Movie Settings) click the Settings button.
The window below will open.
Set everything like that.
If you wish you can deselect "Frame Reordering" and if you choose "Faster Encode" it will encode in about half the time with little or no loss of quality.
Click OK and you will be returned to the Movie Settings window.
Click the Size button and then from the Dimensions menu button select Custom and insert the frame size you want.
Click OK and you will be returned to the Movie Setting window.
In the Sound section ensure that AAC has been selected.
Click OK and then Save the sequence to a suitable place.