If you require compatibility with old gear you're probably better off generating 'SP' (Simple Profile) encodes (ie: encodes without b-frames). 'MPEG4 SP (Simple) @L5' should work okay...
If the old gear can handle 'ASP' (Advanced Simple Profile) encodes with b-frames, try generating encodes with one (not two or more consecutive) b-frames(s). And select the 'Packed bit-stream' option.
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