This way is working fine with Panasonic Encoder !
If anyone found a way with TMPGEnc, it would be great, as we can use filters (smartresize and vobsub for subtitles) on Virtualdub and frameserving to TMPEnc !

1. Smartripper
2. DVD2AVI
3. FAPI Codec
4. Panasonic Encoder with a bitrate of 1122 for the video
Good result, smooth image