Vegas Pro 12, latest build.
What template should I use to get an M2V file and an AC3 5.1 file, or a 2.0 file?
Cannot seem to see LPCM as an audio option with M2V either.
To render an m2v file, use the MainConcept MPEG-2 encoder with one of the "video stream for DVD Architect" presets and enable the "separate elementary streams" option on the System tab.
To render an ac3 file, use one of the Dolby Digital AC-3 encoders.
To render an LPCM file, use the Wave (Microsoft) encoder.
I never use M2V for the simple reason it can't be put back into Vegas to smart render if you want to change something. I use the DVDA Template, but tick the 'include audio' box, which produces MPEG2. Then I create a separate DD file to replace the MPEG2 audio in DVDA. MPEG2 smart renders.
"I never use M2V for the simple reason it can't be put back into Vegas to smart render if you want to change something."
Arthur,
You can multiplex the .m2v and .ac3 files back together if you need to do so later using tsMuxer. These files will drop onto the Vegas timeline. If you're worried about generation loss in the audio, use PCM. I gave up on smart rendering some time ago.