Could you say a little more about what the source file is? "MPEG" can mean a lot of very different things...even MP4 is a bit unspecific.
In OS9, you have relatively few options. If you've got something in a QT-readable format, you can use (free!) MoviePlayer 2.5.1 to export to a number of different formats. I've never exported into anything other than MPEG1, but I believe Cinepak is supported out of the box. MJPEG-A and -B are, too, IIRC. These can be attractive for machines like the LC because of their light decode requirements.
If you are willing to consider MPEG1 output, you can use Movie2MPEG (also free). By playing with the resolution/framerate/bitrate options, you may be able to produce a result that satisfactorily balances your filesize targets against quality.
There are many more options in X. The ever-popular ffmpegX is the basic Swiss Army knife of video in X. It's a bit buggy (sometimes maddeningly so), but a bargain at 15 bucks (trialware).
In OS9, you have relatively few options. If you've got something in a QT-readable format, you can use (free!) MoviePlayer 2.5.1 to export to a number of different formats. I've never exported into anything other than MPEG1, but I believe Cinepak is supported out of the box. MJPEG-A and -B are, too, IIRC. These can be attractive for machines like the LC because of their light decode requirements.
If you are willing to consider MPEG1 output, you can use Movie2MPEG (also free). By playing with the resolution/framerate/bitrate options, you may be able to produce a result that satisfactorily balances your filesize targets against quality.
There are many more options in X. The ever-popular ffmpegX is the basic Swiss Army knife of video in X. It's a bit buggy (sometimes maddeningly so), but a bargain at 15 bucks (trialware).