As far as Mouse Traps and building a better one… different, maybe, but better is up for debate.
Start here with ol’ Handbrake and adjust as required for your needs:
Let’s use more bit rate then YiFi… start with mine and you can tank it from there if you want… Many people think I’m ‘bit-rate-starving’, but as it turns out, mine are fairly reasonable…lol
I like MKVs, but you need to find out if they’ll work across all your devices - if so, that would be the preferred container as it’s more versatile and doesn’t suffer from the shortcomings of MP4s in Plex.
A few 240 second ‘Previews’ - and putting them in an Other Videos Library - will tell the tale very quickly.