You can calculate the size of a file based on the bit rate and time. Start with the total size you want in bits and divide by the time, for example, 350 * 8 /45 = 62Mbits per minute, or a little over 1000Kbits per second.
Digital Media Converter Pro already has many predefined profiles, including an AVI at 1024k per second Bit Rate.
Click Select Format, select AVI and click the Configure button. Here you can choose the xvid compressor, or if your Media Player supports it, try the Intel H.264 compressor for better quality video at the same bit rate.
If you original video dimensions are already 740x544 then select the button for 'Keep source file dimensions'. If you would like to resize the video, select Change Dimensions and enter a custom dimension of 740x544. Note that this will stretch or squeeze your video if it is in a different aspect ratio.