My new HD cameras shoot at that resolution.
All I do is set my project to DV widescreen, drop the footage on it, edit and render.
The settings are determined by the length of the program.
If it's 70 min. or less, I use a custom CBR of 8,000,000.
Anything longer is a 2-pass custom VBR with the settings determined by a bitrate calculator.
My favourite (and I've discussed it on numerous times) is the one found at
http://www.johncline.com/bitcalc110.zip