I have an old P500 and a win-tv go card for my back end.
What settings would be best for quick encodings with minimal cpu usage?
Where are these settings? I looked in mythtv-setup and in mythfrontend.
should I use rtjeg or mpeg2?
Can I turn it down from 480x480? where?

No - Im not buying new hardware.
Thanks in advance!

you can't use mpeg2 with that card, so yes go rtjpeg, and then under tv settings recording profiles you will need to lower your recording resolution down quite a bit and probably the bitrate as well to get it to work with a 500.

check out this post. It's about an older version, but most should still hold true.

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