klinky there is no mpeg3

you know that
24 mins at 200mb is about 1010 kbps (with 128kbps mp3 audio). Then again 200mb is a funny number for putting on a CD since you'll either end up with a 600mb cd or an 800 mb cd.
So say you want to put 4 episodes on each cd. You get about 870 kbps with 128kbps mp3, or about 900kbps with 96kbps ogg vorbis.
Thats decent, with some filtering it should be OK.
3 episodes/cd on the other hand gives you 1328 kbps to work with, leaving 1200 with mp3 and of course 1230 with vorbis. That should be more than adequate.
For the fastest encode you'd have to deinterlace the crappy way with separatefields() and selecteven() and then bilinearresize(320,240). IVTC would be way too much for your speed concerns and I dunno which blend deinterlacer is fastest to recommend, only the fastest method I know of which is above.
XviD is the fastest codec, however you might have a tough time decoding it on a 200mhz computer. Anyway you'd have to pick 1 pass quality and set it at like 95% while setting the max bitrate to like 1200kbps. No special options like chroma motion or gmc or qpel.
However, all in all this is an ubercrappy method of encoding. Try doing video stuff when you have the equipment to :\ I bought myself a new computer for the same exact reason and in the same circumstances when I was 14, and neither I or my parents are rich