Hi Rich, A newbie at VLC myself and noticed your question without any response, I do not have a definitive answer for you but know how you can find it. The thing I found so attractive within the VLC project is the object of total interoperability and uniform performance regardless of platform, the real object of W3C, free exchange of information for everybody.
Google is a wonderful research tool, for instance I just STFW "video format and codec vs file size" (0.10 seconds) which returned this page <
http://www.google.com/#hl=en&sugexp=ldy ... bd614e0a97>
I believe you'll find what you want here <
http://websitehelpers.com/video/> , as well as other resources. You just have to make sure your solutions are compatible with VLC, your platform and your host. I'm not trying to be a smart a** but in life there are questions and answers no secrets other than knowing the right question to ask.
Although this is rather tedious reading, anybody interested in succeeding should be acquainted with Eric S. Raymond's writing, particularly <
http://www.catb.org/~esr/faqs/smart-questions.html >
It's an amazing world, all this knowledge is at our fingertips the real challenge is learning how to use it,
Cheers and success!