Compressing 57GB 1920x1080 video file down to under 2GB, HOW?

Hello Friends,
I have a 7 minute short film that was shot on 35mm and scanned to 1920x1080 for editing. I need to make it smaller.
the current file i have for the film is .mov and specifics are below:
data size :57GB
format : Apple FCP Uncompressed 10-bit 4:2:2, 1920 x 1080 (1888 x 1062), Millions
16-bit Integer (Little Endian), Stereo, 48.000 kHz
framerate : 25fps
I need make the file into a standard definition 2GB or less 16:9 file that will still look good when projected. this is for a festival and they have asked me to :
"We need you to send SD (standard definition) in 16/9.Please post it on a website FTP."
I have tried putting it to h.264, but this makes it too small and not very pretty.
any suggestions?
i have fcp 7 and compressor. i no longer have the project file, just the completed film file. i assume that using compressor will be the best.
all ideas are welcome as i need to do this asap,
thank you very much,
Brian

H.264 is a great codec, if you set it up properly. I'd go with the NTSC-DV preset in Compressor (or PAL-DV, depending on the format needed), or with H.264 and be very careful of the settings.
http://slfcpug.ning.com/video/1975320:Video:4903

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