So the default for 720 YT is 7.3 Mbs. GO into video settings and drop it to 3.5 Mbs and you'' effectively half the file size and the upload time. Whether the quality will be acceptable depends mostly on the quality of the footage.
Try a short test and see what you think.
Having said that, a 721 MB file shouldn't take all that long to upload unless it's a low bandwidth connection. I frquently upload larger files without issues.
Youtube doesn't suggest submitting frame rates over 29.97.
If you use Compressor to make your frame rate 25fps you will also decrease file size considerably.
I would do some tests with a short/complex portion of your file (30 seconds?).
Play with data rate and see what you find acceptable. I have seen and submitted HD files at 2000kbps and they have looked great. Vimeo suggests 5000 for HD.
Compression is not a one size fits all every time.
You will need to experiment.
When you reference "50 fps", do you happen to know if that's fields per second or frames per second? Depending on the answer to that, you may or may not need to adjust that.
When it comes to file size, you have frame rate, frame size, compression type and data transfer rate affecting the final size.
As Russ and darby have suggested, data transfer rate is the main thing to experiment with (since you're publishing for Vimeo, the other setting are pretty much locked in).
I have found that when it comes to playing with the bit rate, a video with a 1280 by 720 frame size needs between 4,000 kilobits per second and 5,000 kilobits per second to maintian good image quality. While you might get good results at a lower rate, high contrast areas in the picture are very, very, very likely to show loss of image quality.
If you need to get your video up asap, start the upload late at night. As long as your internet connection doesn't drop out (knock on wood), you file will be uploaded by the morning.
Also, (for what it's worth) is there any place close by that has fast internet that you could use? If you have access to a computer lab at a local community college, a 1GB file will probably upload in minutes rather than hours.