The simple answer is yes, export it as MPEG4. Similar quality, lower video bit rate. You could also increase RAM, upgrade to a faster hard drive, if you are exporting via usb, export to a faster protocol, drop the MPEG2 video bitrate (quality will suffer). Upgrade your processor to a fast or faster quad core 64 bit processor (if you have a 32 bit OS, I could go on for hours speculating.
It might be easier if you told us your computer specs and what level of quality you are looking for, why MPEG2, etc. Vague questions sometimes get vague answers.
I am using Magix 2014 on a HP Desktop computer running Windows 7. Computer has 4 GB Ram, 64 bit operating system and an AMD Athlon II x4 635 Processor.
I am converting the video to MPEG 2 so I can use in producing a synchronized video/deposition transcript DVDs.
When I export to a MPEG 4, the end result is a larger file than my MPEG 2 file.