The way I have found to get around any time limits on compressor is to choice "New Default MPEG2" instead of a timed choice. You then are free to adjust the compression as you need to accomodate the time of your project.
I too created edited an HDDV project, but what I did was export the entire project as a Quicktime Movie, not a Quicktime Conversion, but the Quicktime that is the same resolution as your project. I then took this file and dropped it into compressor. Compressor will automatically set the file up for the audio compression and I just add another compression using the above technique.
One last thing, compressor asks if you want your MPEG2 to be 4:3 or 16:9. Choose 16:9 and it will be automatically letterboxed for standard television.
Jim
I use a Mac because I am addicted to elegance.