I'll leave the video optimization to others, but I can tell you that the web.config file has a spot in there that configures how much, in file size, you can upload, and also provides a timeout setting. Search for this in your web.config:
<!-- allow large file uploads -->
and change the maxRequestLength and requestLengthDiskThreshold.
I changed mine to look like this:
<!--[if gte mso 9]>
Normal
0
unctuationKerning/>
false
false
false
oNotPromoteQF/>
EN-US
X-NONE
X-NONE
ontGrowAutofit/>
ontVertAlignCellWithSp/>
ontBreakConstrainedForcedTables/>
ontVertAlignInTxbx/>
MicrosoftInternetExplorer4
<!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;
mso-font-charset:0;
mso-generic-font-family:roman;
mso-font-pitch:variable;
mso-font-signature:-1610611985 1107304683 0 0 159 0;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;
mso-font-charset:0;
mso-generic-font-family:swiss;
mso-font-pitch:variable;
mso-font-signature:-1610611985 1073750139 0 0 159 0;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{mso-style-unhide:no;
mso-style-qformat:yes;
mso-style-parent:"";
margin:0in;
margin-bottom:.0001pt;
mso-pagination:widow-orphan;
font-size:11.0pt;
font-family:"Calibri","sans-serif";
mso-fareast-font-family:Calibri;
mso-fareast-theme-font:minor-latin;
mso-bidi-font-family:"Times New Roman";}
.MsoChpDefault
{mso-style-type:export-only;
mso-default-props:yes;
font-size:10.0pt;
mso-ansi-font-size:10.0pt;
mso-bidi-font-size:10.0pt;}
@page Section1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;
mso-header-margin:.5in;
mso-footer-margin:.5in;
mso-paper-source:0;}
div.Section1
{page:Section1;}
-->
<!--[if gte mso 10]>
(After Less Than Symbol)
httpRuntime useFullyQualifiedRedirectUrl="true"
maxRequestLength="20480" requestLengthDiskThreshold="20480"
executionTimeout="1200" /(Place Greater Than Symbol Here)
Notice the Execution Timeout. This gives it time for the large file uploads.
Hope that helps.
Mark