REALLY long running time...good compression....not too big. Sorry, that will take a WHILE. No, I don't have settings ideas, but I want you to know your expectations for how long it will take are not realistic.
If you had a rendering booster, like and Elgato Turbo.264, or Matrox CompressHD, that would make it take a lot less time.
[David Roth Weiss]"I would suggest you export an hour at at time maximum."
And send those chunks via ftp. The audio people should be able to work with the video in chunks. It also means the ftp doesn't have to transfer the whole project before any work can start at their end. Ditto with the OMF which will have to be split probably into 8 - 10 chunks to be under the 2 gig file size limitation.
H264 is going to give the best resolution to file size but it is slow to render. However, the ftp is the real bottleneck so I would suggest making self contained videos and have Compressor work in the background making the H264 files while you keep on working. ftp as each file is done. I hope you have a really big pipe to shunt all this data down. The audio will end up bigger than the video.
Of course talk to the audio people to make sure they can use H264 quicktimes and ask them what pixel aspect works for them.I have had keen editors deliver me 1 gig quicktimes only to discover they were the wrong pixel aspect and looked like postage stamps on screen.