Help with Sequence settings

I have a local tv show, we record with two standard resolution cameras (Cannon XL1 and a mini dv Sony).

I would like to know what are the best steps to follow from the beginning to the end to get the best quality if I have to deliver the show in a mpeg2 for the tv station to air it.

I'm using final cut 7 to edit but my final mpeg 2 file looks bad, blurry, only the effects looks clear. This is the way I have been doing it:

1. I'm recording on the Sony with the 16:9 widescreen, on the Canon I just do it normal (because when I change it to record 16:9 it stretches the screen giving me a blurry look).

2. I import both cassettes using FireWire into FCP with the sequence setting set to NSTC.

3. I start editing my video, and with the shots recorded with the canon I zoom it in to fit into the 16:9 aspect.

4. All my effects (using motion) I do them in HD 1080 pi

5. When I'm done in FCP I set the begin and end point to my video, and go to file - send to compressor .

6. In compressor I choose the mpeg2 program streaming but I change the pixels to 1080 720.

*** this is the way I'm doing it from start to end and the rendering, and compression is taking a lot of hours, And the quality picture is poor, I know I must be doing something wrong an I will appreciate if someone can give the correct steps starting from the recording to the export. Thanks