I somewhat regularly record video game footage at 720p using Fraps for upload to YouTube.
I'll start out by saying that 214 MB for 9 minutes of video is likely already compressed. To put this in perspective, Fraps records video uncompressed. As such, it generates a 2 GB file approximately every 4 minutes. That is the normal size. I don't upload those files for obvious reasons.
After editing the uncompressed video together, I usually end up with anywhere from 2-10 minutes of video, ranging anywhere from a few hundred MB to close to 1 GB of compressed video. This is usually what I end up uploading, and it looks like this.
At one time, I tried to work some converting magic of my own, and this is the result. A very noticeable quality hit. Maybe I'm just picky, but this video is just completely unacceptable. Dunno why I even kept it.
My personal recommendation is to just use your already compressed video if the format is one YouTube accepts. And if the quality of it is acceptable to you, which brings me to my next point...
720p resolution is 1280 x 720. Not 800. Depending on the compression and how YouTube interacts with your video, you might end up with fuzzy letters or hard to read ones. I can't say for sure. It also might be just fine. If you upload it only to find out that it's hard to read, you may want to re-record it at the right resolution. May look fuzzy to you while you record it, but the video itself should turn out just fine.
Long winded story short, your video is just about the lowest size you could possibly want if you want high quality video as a result.