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alternative
If you have enough calculation power available (school project), why not encoding the files twice?
Just start right now using x264 codec, and if you are really not satisfied with what you get, you can encode the same clips once more with athemas h264 codec, once it is available.
Only issue with x264 up to now: No encoding application that i know of can encode audio and video directly to mp4 container.
For avi-encodeing, you can use mencoder (see thread mencoder+x264), and for avi, ogm, mkv you should be able to use VirtualDubMod together with ffdshow. For getting h264 into mp4 you need to write the raw video (and audio) stream to you hd and mux it afterwards. See the sticky FAQ for the tools, and hope that you get no problems with the a/v sync.
Hellfred
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