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24.039 is not a valid frame rate for MPEG-2.
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Correct! -my bad...
It seems if the source is very compressible (MAX bitrate is lower than choosed "Average bit Rate")
-You'll get a Warning message "Cannot open Video codec"
or something and an empty log file at the end of 1-st pass.
I have success with P4 (Nordwood core -MMX,SSE,SSE2, winXP SP2)!
Best Regards!
Edit: I forget to say - I've tested multipass 3 and 4 passes VBR only