Unfortunately, the smaller the file size the lower the quality will be. My favorite codec as far as quality is concerned, is DivX AVI files. MPEG videos can look very good too, but either format of adequate quality is likely to be too huge to e-mail easily.
Does the person you wish to send the video to have a high speed internet connection? If so, you could go to a free file host (like
http://www.filelodge.com) and upload your file. Just e-mail them the link to the file & voila. If they have a fast connection, a 42 MB file shouldn't take more than a few minutes to download.
Good luck & happy holidays!
Bobbo
