So, I personally use:
WMV Data format
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Project
Video render quality: Best
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Audio
Modus: Quality VBR
Format: Windows Media Audio 9.2
Attribute: VBR Quality 10 blablabla
------------------------------------
Video
Modus: Quality VBR
Format: WMV9
Size: HD 1280x720
nothing else changed

These Settings I used for the posted movie, 280mb for about 11 minutes.
I hope I could help.

Xorn