I agree with Dave, you can do this all in Compressor (the crop, scale and frame rate changes). Use "nearest frame" for the motion rendering setting, since 12 divides into 60 evenly; you don't need to do any fancy interpolating. But 64 kbps is a VERY low data rate, so you'll need to shrink your export dimensions until an acceptable quality level is reached. Use two pass encoding to get the best possible quality, and play with the keyframe settings (although I usually get the best results with "auto keyframes."
I recommend setting an "in and out" in the preview window, and running some tests on a short section of your video until you are happy with the settings. Then remove the in and out markers and export the whole thing.
Thank you for the advice guys.
I would have much rather used After Effects for everything, but I was restricted to Final Cut.
I went ahead and utilized Final Cut as my scaler/Skewer, but used Compressor as my data converter.
-Save File over to Media RAID (87GB file – 40 Minutes over USB – 12 Minutes over Firewire 1600)
-Import file into Final Cut Pro
-Scale video up to eliminate black border, stretch to fit by adjusting Aspect Ratio
-Export to Quicktime using Export>Quicktime Movie (25 Minutes)
-Set video to Current Settings
-Millions of Colors (Not a present option)
-Open exported file into Compressor (45 Minutes at 64kbps. 2 Hours at 300 kpbs)
-Add Quicktime H.264 Setting to Compressor
-Set audio to AAC
-Convert to 12fps (Final Cut cannot convert to 12fps)
-Keyframe every 24 frames (larger # if the length of the video is longer)
-64 kbps (restricts quality to High as the highest)
-Best Quality (can only go to High Quality when restricted to 64kbps)
Copy over back to Hard Drive (2-5 Minutes)
Total Time = 2 hours
New file is appropriate length and Aspect Ratio
New file is low quality with 64 kbps.
-File quality is much better with 128 kbps.