personally, I usually end up converting to a raw DV-AVI type of file, then re-encoding in the preferred format. (usually wmv or the like)

This may help though:
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Quick Conversion of Mpeg2 to Zune-compatible WMV using AutoMKV

This guide will: 1. Help you download and install AutoMKV and its supporting programs. 2. Show you how to use AutoMKV to rapidly encode Mpeg2's to 320x240 WMV files ready to download ("synch") rapidly to your Zune Device.

Link
http://forum.videohelp.com/viewtopic.php?t=319372

Tools used
AutoMKV



Conversion
MPG to WMV MPEG2 to WMV DVD to WMV

Sections
How to convert to AVI/DivX/XviD/WMV/MKV/OGM/MP4/H264
How to convert to Handheld devices/Mobile/PSP/PPC/3GP/MP4/iPod
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SOME OF THE EMBEDDED LINKS DID NOT COME THROUGH ABOVE, THAT PAGE IS AT THIS LINK ABOUT 1/3 - 1/2 way down the list.
If that does not help and no one else chimes in, you may find another tool here: (I had searched on MPEG to WMV)
http://www.videohelp.com/guides?sear...or+List+Guides

http://www.videohelp.com