Bitrate Cap on Remuxing?

[Ast0reth]

I have been using XviD4PSP to convert downloaded MKVs to M2TSs for streaming to my PS3, usually in order to create hardsubs from softsubbed MKVs. I also re-mux the video, and convert the audio (DTS to AC3) of non-subbed MKVs so the PS3 can stream. For this, I use the 'Copy' option in Video Encoding so I don't get any quality loss. I have been running into some issues with very-high quality VBR 1080p movies. (i.e. Earth) 98% of the movie streams fine at about 15MB/s, but when something truly awesome happens I've seen it peak at close to 120MB/s, which causes a lot of studdering.

The question is; Using XviD4PSP and x264 (or any other program, really,) is there a way to 'copy' the video (in order to reduce lossyness) except when a set bitrate limit is reached? I'd hate to re-encode an entire 1080p movie just so 5 minutes doesn't last 30. So it basically checks out every frame and doesn't touch it unless it would be over, say 60MB/s.

[Baldrick]

Have you tried stream using ps3 media server?

[Ast0reth]

Is there anything else that comes close? My issues isn't with the server, but with my hardware. My office with my PC is completely across the house from my basement entertainment room, and I haven't been able to string across gigabit ethernet, so I'm using powerline ethernet which (mine) has a cap of about 85MB/s. Being that some 1080p stuff peaks at over 100 I was looking for a way to keep quality in most of the frames, but compress the huge ones as needed.