If using a custom .ini their size wouldn't be "adverage", you could in thiery create it to whatever size you would like.
You could adjust the variables to get the size that you would require, which is kinda the point

, but for an aproximation; my custom movie mode:
QVGA\29.97fps\800kbps\Stereo 48kbps, would create a file about 550MB for a 120 Min, which is a very good size and the video is extreamly good quality.
Basically when I encode and make the custom modes the main thing that "suffers" is the audio. But the audio settings that I use are perfectly fine (well I think so at least) and anyway when I'm gonna be watching the MP4's, the sound will be coming out of my head phones and not a surround sound system!
I'll write up a guide in the next few hour's and place it here in this thread.
Oh and if anyone finds what I say useful in anyway, please add to my reputation by clicking on the picture of the scales in the bottom left of my posts! Cheers!