Possibly but bad. You should expect substantial quality loss and other nasty annoyances because what's happened is:
MPEG2>MPEG4>MEPG2
With MPEG2>MPEG4, thats not so bad, MPEG2 is hugely compressable and that's why MPEG4 is a damn sight better. Its compressible and a better realative quality. Now when you re-encode back to MPEG2 your wasting loads of space and taking a poorer source, spending lots of GB on it, and the result just looks ugly.
However, I would recommend reading the guides @
http://www.doom9.org
and/or
http://www.dvdrhelp.com
CCE will result in better quality, TMPGenc is eaiser. You should expect a bit of setting up and many hours encoding.
And
never use nero. Its inbuilt encoder is shit, and that's being
very kind.
The best advice would be to not re-encode. Avoid re-encoding at every cost.. Each time you re-encode you loose quality, in particular when you 'devolve' in terms of codec. You may seriously want to consider purchasing a standalone player. You can get a semi-decent one for ~?50 which may sound steep if you have a DVDplayer already, but you can have 6 movies just burnt as avis on a DVDr, not waste time re-encoding, and have it play just like a DVD.