I tried that (I wonder what is the idea behind that?)
Now there were some options for the size, but there was no option for 640x480.
There were options 720x480 and 720x486. Both have aspect ratio different from the original 640x480.
For aspect ratio, there are options 4:3 (which would be correct for the source size), and 16:9.
I selected 4:3.
I exported as 720x480. The resulting file was smaller, "only" 722 MB instead of 23 GB.
(The original clips are 95 MB combined).
But the image quality is really poor. Obviously, the changes in size, aspect ratio and frame rate do cause loss of quality. Not good.