Okay, an update on manual bitrate selection. I found it, thanks to the forum over at MacRumors.
After clicking in the movie window, click the following:
Mac: Cntl + Shift + Option + S
PC: Cntl + Shift + Alt + S
A window will pop up that allows for manual selection.
Woohoo! A nice birthday present for me. I'm much happier now.
