I saw this question that is asking the same thing, but using Handbrake settings: What is the best Handbrake preset for playing video files on Tivo Series 3. I'm wanting to do the same thing but with the Elgato software and hardware combo.
One answer to the above question points readers to http://code.google.com/p/streambaby/wiki/video_compatibility, which I've looked at but of which I can't make correlations to the Elgato software controls.
After playing a bit and reading the documentation more closely, I believe the "Apple TV" preset will do the trick. And it seems to be working fine when I send the output file to my Tivo.
The docs say that the Apple TV preset will apply these settings:
Video: H.264 Main Profile, 5 Mbps max., 1280×720 pixels at 24 fps max. or 960×540 pixels at 30 fps max.
Audio: AAC-LC, stereo, 160 Kbps, 48 kHz
That will work fine for what I'm doing - converting video that was at standard definition for play on my Tivo HD.
