Well, I have repeated ALL of the information I can see within your screen grab and what you have said, and up to now I am getting bleed thru'. You don't say what compo settings you are employing, I'm using Dodge on T1 and Lighten on T2. I have also copied your Levels at 80.3%.

For rendering I have used WMV9 templates: Default; 512; 28.6 and my own concoction template of 3mps - ALL show bleed thru'

What template are you using?

Up to now, and apart from you saying WHAT your compo settings are Dodge, Burn, Lighten - I can see and have used the TV sim in exactly the same place as you - I can't repro the issue on render. Which leads me to think you have got a template that Vegas isn't working with? Was it the WMV9? What settings? . . Actually none of what I just asked makes much sense to me!!! Anyways, I can't repro.

Basically what you are SEEING in the Preview - I can see bleed - should really show up in the final render.

Apart from this, your TV sim needs re-tweaking to reflect the zoom and phasing you got in the first sample - though nothing to do with the absent bleed thru'.

Hmmm... interesting . . It's as if one of the tracks has gone MIA during the render? You couldn't have accidentally MUTED that track or changed its compo on render? Weird . ..

Grazie