You're welcome, and hope it helps. That's the preset I use when we send interviews out for transcription. The files are super small with big timecode.
Another great little feature of Media Encoder is the ability to transcode footage with a custom LUT applied. It's also under the Effects tab. So if you have Log footage and need to send out low res previews for client/producer review, you can apply a LUT to the footage sand have it stamp timecode all at once, so you aren't sending out super flat fooage. And it's super fast.