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With premiere Pro I just export the video as h.264, mp4 file. I export it at 1920×1080 with maximum quality, generally 20,000 kbps if it was shot in 1080P; or h.264, mp4 file at 3840×2160 with maximum quality at 40,000 kbps if it was shot in 4K.
WMV is not a high quality codec. And 720P is a poor resolution compared to 1080P or 4K. A 1080P HD mp4 file exportd at 20,000 kbps will be about 150 MB per minute of video. A 4K file at 40,000 kbps will be about 300MB per minute.
What is important is how you export the file. You are not going to improve the quality of the exported file by converting it to a different format.