Yeah, as Ben pointed out, wmv's suck balls, period.
If you want to do a low quality and a high quality version, then just do it in Tmpgenc, by adjusting the bit rate.
I've recently discovered the magical world of DivX. I use the DivX encoder (http://download.divx.com/divx/DivXCreate.exe + *cough crack *cough). And it's the most simple program to use, a small box opens, you just drag your raw exported AVI file in, and it encodes it automatically, to the same size:length ratio as standard PAL video CD, but loads better quality.
Then, if you want to do a smaller file size, just export one with a lower bit rate from Tmpgenc.
Noone will choose a *.wmv over an *.mpeg (or a *.divx (N) ).
And why would the fact t-s has gone down mean you want to do smaller versions as well? There's still plenty of adequate down/upload sites around, and besides more people are gonna have a decent internet connection now anyway! (Apart from Tart :-)
Mike. B)