Yep, but already a 1500mb wanted output will mean low bitrate! As I think you gonna encode at 704(720)x576(480).
Maybe you got luck, for example both parts of Matrix do work very well at low bitrates cause they contain many many dark!
But the only advantage of 2pass speed of MCE will be overridden when encoding with TmpgEnc CQ mode or CCE (with CCE Q mode defenitely faster) in Q mode and prediction.
Ok, its also a matter of the price in comparison to CCE!
And MCE (to me it seems) only "eats" avisynth scripts scripts via directshow
I did many tests on MCE .... even some movies came out very well but some others where worse than an encoding done by TmpgENc or CCE.
And I'm not a friend of just luck.
So I deleted that appl. from my HD.
Maybe an update will change my opinion!