As is often the case, in writing this question I found my answer. Posted below to aid others. New and different answers are more than welcome.
My television is a Network Media Device (NMD) and thus able to stream video from "Windows Media Connect or DLNA compliant servers". (My particular TV calls the interface Home Media Gallery.)
I have this working and am able to stream movies over the network from all of the Windows 7 PCs; video types foreign to the television are transcoded on the fly. However I have one major gripe.
Whenever the video requires transcoding (almost always as the TV's codec support is basically limited to DVDs) the audio is converted to stereo. To be clear I don't expect the audio to be transcoded to the Dolby Digital 5.1 format I need, although I would love this. Rather the audio is converted to stereo even when it's already Dolby Digital 5.1 which is natively supported.
It would seem whenever the video must be transcoded the audio is tied with it.
The quest so far:
- TVersity has been great but unfortunately transcoding only video is not supported. Audio becomes stereo (downmixed I'm presuming).
- Windows 7 either doesn't or I don't know how to configure it.
- Serviio seems to actually support this, however after hours of attempts is the only one my TV will not connect to: "not authorized".
- FUPPES looks like it should work as its transcoding configuration is fine-grained, but you must add everything yourself.
A free solution would be nice, but I'm not limiting my options.