Strange how Premiere Pro went from version 7 to version 1.5 isn't it?

Keeps making me laugh that one.
Anyway, here's what I do. See if it helps. Although froma quick re-read of your post it might not. You said you were exporting to video. Do you mean a VHS tape? If so then not sure of the answer. If you are building a DVD then it all takes care of itself.
A widescreen movie coming out of Premiere is all squidged up and you basically DO need a widescreen TV to do the anamorphic stretching for you. This will be the only way you can watch your current VHS tapes if that is what you are doing.
Build you DVD from this widescreen exported footage. Put the DVD in your set top box and hit play. Let your widescreen TV stretch it for you when you have th eset top box set to 'widescreen'. If you have a 4:3 size Tv then change the settign son the set top box to 'letterbox' and you will get what you want.
But back to VHS. If your using VHS then I'm not sure what you best option is. Either resize (letterbox) the movie in Premiere and suffer the rendering or resize the export using some third party tool maybe.