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If you ask this question, you are better off with exporting as AVI and let Encore do the encoding.
I don't do HD... for my SD work, I always export AVI from Premiere and then let Encore do the encoding as part of the authoring process
The automatic setting in Encore will do the work of setting your video to best fit the space you have on the DVD, without you having to know the details of the settings
I would also suggest Harm's method. What I would do would be to Export the Video-only as a DV-AVI Type II, and then Export the Audio-only as a PCM/WAV 48KHz 16-bit file. Import the DV-AVI as a Timeline in Encore, and then Import the WAV as an Asset. From the Project Panel (Encore), just drag the WAV to the appropriate Timeline, where it will snap into place. This saves possibly have issues with muxed files, i.e. one AV file containing both the Audio and the Video.