You can probably get by with the wings beating at a much slower rate than 230 per second. I just made a test with 12 beats per second and with motion blur applied and it worked great.
I used vector blur nodes to create the blur, unfortunately i don’t know how to set that up in 2.49 - I only use 2.5. Someone else is going to have to answer the specific software questions for you.
If you go for 1080p you got 30fps.
I went for 10 beats per second.
IIRC the wings got a twist in the updown movement too an 8 shaped movement… so you got high, middlewithtwist and low each frame and blur it with compositing nodes.
or go with 15/second and twist it opposite and up and down.
There´s plenty of room to experiment =)