Ok, so I figured it out.
1.) Go to the iTunes Store in the iTunes Client
2.) Scroll to the bottom and look under "Features" (its at the very bottom where there are options like Explore, Features, Help, Manage....)
3.) Click on the "Purchased" option
4.) Once in the Purchased menu, select "Movies" or "TV Shows" (whichever you are looking for)
5.) In the bottom right corner of the window there is a little check box that say "Download HD When Available", uncheck that box
6.) You should see all of your movies and tv shows that have a SD version available to you have a cloud appear in the upper right hand corner of the icon. CLICK THE CLOUD and not the movie icon to download the SD version. If you click the movie icon it will take you to the store page where it offers you the chance to buy the HD and SD version.
7.) This should get you the SD versions of the HD movies/TV shows you bought so you can put them on your devices as a smaller file, yet you will still have the HD option for your computer as well.