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No, because compressing it to 50 percent will make it look worse. if you use 320000 bitrate and re-encode it to 480p it will look much better. because if your source video is 5 mb/sec bitrate, 50 percent or 'half' would be 2.5 mb/sec and while that doesnt seem like much, the more you compress it the worse the video will look. take a look at elits tutorial about bik re-encoding and you will see that there is very little difference in quality aside from slightly blurry video when he downscaled from 1080p/720p to 640x360 using similar bitrate that i used. try to re-encode it to a smaller resolution and report back the settings you used and optionally a 'before' and 'after' pic set of how it looked originally then how it looked when you re-encode to 480p.
-Kitsune
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