Source file 124MB, destination file 62MB

The transcode took about 3 minutes and 30 seconds with an average fps of 12.59 (2611 frames total).

I'll refine the settings later to bring the final size down because I'm not happy with only a 50% savings. This sample pass also didn't include Handbrake's DeComb filter which I'll need to turn on for final conversions. The final product will also be forced to 23.976 fps.