Does the Project Manager's Transcode function not work for this for you? You can use it to export your project and a new project file to a new location - great for archival. It also allows you to transcode every piece of media in a sequence/timeline, and specify the export settings, thought no as robust as AME (I believe it's output functions for transcoding are identical to Render and Replace on the timeline). You can choose to just use the frames used in a sequence, or give each new video file some handle. You can also choose to just copy all used media and a new project file to a new file location, and disregard unused assets from your project. It's not ideal, I'm sure, and it's not the same as batch encoding - for one, It has to run within Premiere and just....goes. Not a lot of monitoring you can do in-program. But, it's an option I know some don't realize is there!
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