Recommended Project Settings in Compressor 4.2

I have an 80 minute video prepared in FCPX 10.2. The project properties currently are 1920x1080, 23.98p, 48kHz Stereo. The goal is to compress at a good quality for customers to download and view on their own computers, with file size ideally under 2GB if that's realistic (as I understand that is a file limit for the distribution service).

The new format for Compressor 4.2 looks radically different.

1.) I am looking for the best settings or output choices in Compressor, whether Built-In or Custom, to accomplish my goal.

2.) Should I "Send to Compressor" from inside FCPX? Or share as a Master File out of FCPX and then pull that into Compressor? Or some other steps?
Please let me know if further information is needed.

Many thanks. 🙂🙂