Make 2 versions of same movie: HD for one, 08 for other?

I am making movies from old video tapes. I would like to burn these movies to a DVD and enjoy them on my TV AND I would like to upload a copy to YouTube or another web site.
The problem is I have heard (over and over again) that iMovie 08 will significantly degrade the quality of my movie when I send it to iDVD. Since these movies are from tapes, I can't afford to lose any of the quality that is there. But 08 has great options for exporting the movie for YouTube and other sites (30 fps, 960x540).
If I make my movie in iMovie HD, it will be fine if I send it to iDVD, but the other exporting options give a movie that is only10 to 12 fps and 320x240 at the most.
Can I somehow create both an internet version and an iDVD version of my movie using only iMovie HD or iMovie 08? Or do I have to keep creating the movie twice, once in each program.
Thanks for the help.

Create a new smart playlist, call it Lossless Library, and set up a single condition : Kind is Lossless (or whatever the abbreviation is, I don't use it myself as 256 AAC is as good as CD to my ears).
You could then create another one with the mirror of it : Kind is not Lossless.
Then you only need to browse whichever of those two you need and everything from your Main Library will be in there, assuming you keep dual versions of everything.
Something similar may work for the video question, but as I don't use iTunes for video, that's a pure guess.

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Make 2 versions of same movie: HD for one, 08 for other?

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