I've actually found TyStudio to be a much better system. It supports transcoding of .ty to .mpeg.
http://dvd-create.sourceforge.net/tystudio/
The TyStudio client is not compatible with the normal TyServer, it needs its own special one, however if you download a .ty file using TyTool you can then load it into TyStudio. If you don't want to uninstall the server and then reinstall the TyStudio server, then you can quite safely do this.
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