Ok, here it is. It appears to be working. Since we can not expand a package in the Time Machine preferences window, we will need to edit the com.apple.Time Machine.plist directly.
-2. Turn off Time Machine
-1. Reboot (this is required to get Time Machine to "let go" of it's plist file. If you open the Options... menu in TM you will need to reboot again in order to edit again)
0. Make a backup copy of the following file "/Library/Preferences/com.apple.Time Machine.plist"
1. Using a tool like plist Edit Pro, open /Library/Preferences/com.apple.Time Machine.plist
2. Do a Save... to your Desktop or other temp location
3. Expand the SkipPaths key
4. Duplicate the last key (RMB on key and select duplicate)
5. Modify the Value field to the full path to your transcoded media
example: /Volumes/MediaRAID/MediaRAID's projects and events.fcpbundle/ Updated Projects/Transcoded Media
Careful with the spaces " " like before " Updated Projects". Best way to do this is "cd" to this location in a terminal window and do "pwd" then copy and paste the full path
6. Repeat for each directory you want to excluded
7. Save the file in your temporary location
8. In a terminal window execute the following commands
sudo cp '<temppath>/com.apple.Time Machine.plist' '/Library/Preferences/com.apple.Time Machine.plist'
9. Now open the TM Options... menu and you should see your new paths appear
Step 9 appears to make a copy of the plist in memory and after than, edits do not seem to take. Starting at step -2 seems to allow for edits before the copy is made.