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Sticky, I should have been more precise above, I actually have a similar workflow and that was what I was describing. I export my edited movies from Premiere Pro to a full frame size Cineform AVI file which doesn't take that long like you said, similar to when I used to export my finished vids to DV AVI with standard def.
Then I use my aging version of Cleaner XL to batch encode overnight to wmvs or quicktime files, at different bitrates, both with and without .png watermarks if necessary (and deinterlacing as it goes like you said rather than doing it in the timeline in Premiere) and THAT is the step that takes forever. Ten hours for a single 1440 x 1080 4300 Kb bitrate wmv with a 3.0 Ghz dual core pc!
I just ordered the relatively new Cleaner 1.5 upgrade to see if it works any faster. Maybe it takes advantage of the modern dual processors. I hope! Otherwise I have to maybe download the Sorenson or Procoder trials to see if that will work faster as batch encoding apps.
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