– Create a “canvas” frame of just pure black at size 1920x1080. Load this into an Input node set to type Image (Input>Image).
– Load your 2048x1080 image sequence/movie into another Input>Image node and set up the parameters accordingly. Pipe this to a Distort>Scale node with X= 1920 & Y=1012 using the Absolute mode, or both values set @ 0.9375 ( = 1920 / 2048 ) in Relative mode. Note that this will create a slightly out-of-proportion image, since it can’t Scale the depth to a fraction of a pixel (the math makes the exact depth 1012.5 pixels deep), but this would be unnoticeable imo.
– Pipe the canvas frame output to the top input channel of a Color>Lighten node
– Pipe the Scale output to the bottom input of the above Color>Lighten node
– Pipe the output of the Color>Lighten node to an Output>Composite node, and also to an optional Viewer Node if you want to preview the result in the UV/Image Editor.
– Set your Render specs to 1920x1080, enable Do Composite, and hit Anim.
These steps are for 2.49b but the process in 2.5x should be comparable.