Best compression setting for Windows Media streaming over broadband and dialup?

I have a client who needs to stream a 5 minute 16x9 corporate candids video over broadband via Windows Media. The bit rate can be no more than 300 kbps with both video & audio combined. They also want a 100 kbps max file for dialup users. The full rez video exists as a self-contained Quicktime reference movie edited in DV and exported from Final Cut Pro.

We want to make the resulting .WMV file no smaller than 320x180. I have already tried a bunch of different settings and tests, but just can't seem to get a decent looking resulting file at such a low bit rate. The version for dialup is so much worse... And I realize that trying to compress a candids video containing lot's of handheld movement, graphics, small detail & movement within the frame, etc., and to make it look decent in Window Media is already a big challenge!

Any suggestions on what to do to make this video look its best at those specs?

Thanks!

-Mike

MAK Digital Media, Inc.
Orlando, FL