Agree that you have not to use compressed video for this kind of task.
I’d save the movie as uncompressed “as is” - let’s call it 235, and then resize it all, and save it as 221.
Then, painfully, take note of each shot that is good as 2.35:1 or 2.21:1, and assemble the final cut.
There are several ways to manage the different aspect ratios:
- cutting side/s of one ratio, or top and/or bottom of the other
- stretching anamorphically one aspect ratio, leaving the center part untouched, to get same letterbox size
- leave their aspect ratios alone, resulting in Variable Aspect Ratio
- use the SE DVD that has bigger frame size, to compose a combined image for one aspect ratio that will fit the other
First option it’s the worst IMHO, followed by the second; third is the easiest and not very distracting, as the letterbox size will vary not so much; last is the best, but would be a pain in the… neck! 😄