You're correct SilverWook, if I keep it as a PCM track it will be two channels, so it takes up an excessive amount of space no matter what but you just need to force your receiver to play it through ProLogic, then it plays out of your Center speaker just as it should, dual mono have a tendency to sound very distant from the action on screen.
If I do an AC-3 1.0 encode, it will play correctly out of the Center speaker by default. I doubt you'll hear a difference between a 448kbps AC-3 encode and the PCM but there's a possibility you'll see a difference in the video.
Great idea, Baronlando. So are anyone of us on Twitter?