It's dead slow all right

but try this one, maybe it's faster and might still produce good quality. I believe it's the one Inc originally posted in the sticky. If you get an colorspace error, add ConverttoYUY2() right before the Convert60ito24p(2,0) line.
Code:
MPEG2Source("path\clip.d2v",idct=7)
KernelBob(order=x,sharp=true,threshold=7) # determine the field order!
Convert60ito24p(2,0)
#and the rest of the script as in a normal encode
function convert60ito24p (clip video, int mode, int offset)
{
work = assumefieldbased(video)
out = (mode==2) ? interleave(
\selectevery(
\layer(trim(work, 1, 0),
\layer(work, trim(work, 2, 0), "fast"),
\"fast"), 5, 0 + offset),
\selectevery(
\layer(work, trim(work, 1, 0), "fast"), 5, 3 + offset)) :
\ (mode==1) ? interleave(
\selectevery(trim(work, 1, 0), 5, 0 + offset),
\selectevery(layer(work, trim(work, 1, 0), "fast"), 5, 3 + offset)) :
\ (mode==0) ? selectevery(work, 5, 1 + offset, 4 + offset) : work
assumeframebased(out)
}