if the newest version does not work, try an older one.
Make sure when you save, you select SAVE PROJECT. It should only take a few minutes to demux the audio and create the d2v file.
Also take note of the aspect ratio. You will be going from 480x480 to 352x240 (NTSC). It has been so long since I have done this conversion, i can not remember which aspect ratio setting is needed. Just select a small piece of the video and encode it trying different aspect ratios (use source range to select small piece of the video)........