I'd go with:

mpeg2source("source.d2v")
loadCPlugin("yadif.dll")
yadif(mode=1) # Bob mode doubles framerate
BilinearResize(720,480) #bilinear is usually considered best for downscaling
ChangeFPS(59.94) # Creates duplicate fields. Use ConvertFPS if you prefer blended fields.
AssumeTFF()
SeparateFields()
SelectEvery(4,0,3)
Weave()
converttoyuy2(interlaced=true) #Assuming you are encoding with CCE

I use Yadif because it is a smart-bobber that yields good quality and at a good speed. The better your bobber the better your final output.