[vdr] Transcoding video on-the-fly ?

Hi gurus

I'm newbie with VDR (version 1.5.10/1.5.10) and I have a few question about it.

I need to record one channel 24/7/364 and I would like to record and transcode on-the-file videos using one-file-per-show basis.

Because the channel is scrambled I need vdr to handle the CONAX in this case. So my idea is that writing a perl script, it would be able to

1. read the epg-data 2. make a recording list 3. start recording at the time show will start 4. hand over the video for transcoding by mencoder or ffmpeg (for exsample: vdr | ffmpeg -i - -b 500 -vcodec xvid MULHOLLAND_DRIVE.m4v)

So, is't possible to use any transcoding program by vdr ?

Please, any help would be higly appriciate -Jussi