Adaptive Bitrate for Wowza Streaming Engine

So we're working on a VOD / "Live" Streaming network that feeds from the Video on Demand Library. So basically what I need to do is create different birate versions of our 1080 masters for example. I'd need it in example 720, 480,360,160 and I load those files onto the Wowza Server.

Could I also install Media Encoder on a system dedicated to watching a watch folder to do this encoding for me?

What's the most efficent way to make this happen with Adobe Media Encorder? I've attached the URL for bitrate instructions from Wowza for reference - 

Instructions for taking the converted bitrate files to create the ABR Stream - https://www.wowza.com/docs/how-to-do-adaptive-bitrate-streaming

Instructions for using FFMEG to encode - 

https://www.wowza.com/docs/how-to-live-stream-using-ffmpeg-with-wowza-streaming-engine

Thanks!