Help! How to convert 720x480 CBR to 480x480 VBR

[forjack842]

I just bought a Sony Pictureboox with the MPEG2 RealTime Encoder. This is great because I can stream right from the DSS dish onto the Harddrive at 8mbits.
I am a diehard DVD2SVCD user with CCE and do a couple DVD's a week thanks to NetFlix (Love this place), anyway I need to be able to take the 8mbit Mpeg2 from the Sony in CBR 8mbit 720x480 to SVCD format 480x480 VBR for 1 or 2 CD-r depending on a 1hr or 2 hr program.
Is there a way to use DVD2SVCD or is there anotherway to use CCE SP to do the conversion? Flask is my next option, but it and CCE just don't get along and that leaves me with Ligos and I just can't get a DVD like quality out of Ligos like I can from CCE.
Any of you experts have any ideas?
Thanks
Mulman

[MOVIEGEEK]

Why not make a DVD and keep 720x480 resolution and put it on
one disk?

[forjack842]

Granted this is an option, but the cost of the burner and the costs of DVD-R's still are not that attractive to me yet. I still like the 18 cents per CD-R versus 3-5 bucks per DVD-R. Using the CCE VBR3 pass, I can't really tell the difference on my big screen, so the CD-R is still a better buy.