In Compressor, in the Inspector set File Format to MPEG-2, set Stream Usage to Generic, in Extras select Multiiplexed MPEG-1/Layer 2 Audio and check the Transport stream radio button. That'll get you an .m2t (MPEG2 Transport Stream). It won't "contain" H264 but you can certainly use H264 source to convert to MPEG2 Transport Stream.
Episode Pro has many more controls. You can set it to encode H264 as an MPEG-TS. You can download a free trial
http://www.flip4mac.com/episode_download.htm
Keep in mind it's a $900 program but if you're doing the kind of targeting the above indicates it's worth the money. Just bill your clients accordingly.