Create both Blu-Ray & MPEG 2 SD disk from same project

I still have on the timeline an HD project of our latest cruise holiday. I'n not certain as to the most efficient way to render it out because I will be needing at least 2 maybe 3 different file types.

We don't have a Blu-Ray player & won't have at least for the next several months. I'd be crazy not to render it out & have the file imported into DVDA for the disk. In the mentime it would be nice to still have a HD file for viewing on the big screen since I have media player that can display 1080P from a hard drive or usb drive. This would have to be I think an M2TS file which would be the same as what the camera shot. Is there any way to do this without needing to create 2 different files for playback?

Some of the people on the cruise have also asked for a copy of the project but want it as a regular SD disk. I don't suppose that I could use DVDA to create a Blu-ray disc with chapters & secne delention menu's & then have DVDA re render the project out to the usual MPEG2 disk? Alternatively are there any any programs that can convert a Blu-Ray disk to MPEG2 disk & keep the chapters & menus?

On of the reasons that I'm trying to see if there is an easier way to do all 3 options is because I'm finding that the rendering out is taking an extremely long time. I have had a couple of clips that I rendered out from the timeline & & then brought back into the project. Even though I have my settings set to match input I find that it can take several times real time to re render out clips that should only be copied rather than re created. I'm using a i7 Quad core 920 processor.

Thanks in advance

Thanks for the reply. There is one thing that surprises me since you say to render out the AC3 seperately. I have my camera produced M2TS files which Vegas properties says is are uses AC3 audio. I have got my settings set to match input files. When I go to render out it says save as Sony AV/MVC ((mp4,m2ts,avc) & the template has =AVCHD 1920x1080-50i. If I go to custom tab it tells be that audio is included.

I rendered out on clip & took it into DVDA & it says that the audio needs to be re rendered even though it was a template that was supposed to correspond to my original input. Why does the termplate include audio if you need to render seperatly I'm Puzzled.

Thanks in advance

I see what your saying but the program strikes me as being inconsistent. If I click to render out to mpeg2 & use the DVDA widescreen template & then look at custom tab I find find that the include audio is ticked. If I go to the template I mentioned in my post you will find that the include audio box is unticked. Since its so important to render the streams separately I would have thought that the render to box could automatically select to render the 2 streams separately but perhaps with the ability to override that settings since it seems capable of doing so.

Thanks in advance