I think your problem's reason is that M2V is not an indexed format,
so it don't have padding stream/timestamps/PTS, but video is encoded in VariableBitRate format, and in this case, player can't seek correctly in the file.
Solution: Get TMPGenc, go to MPEG Tools|Multiplex, select MPEG-2 Program (VBR), add your file, set the output, and set its extension to M2P, then run.
It makes an M2P file, which is indexed/have padding stream. File is not reencoded, just became indexed, and not too much size increse.
If you open this file with BSP, you can seek correctly in this. (and total length is also correct)
And you need a correct MPEG-2 demultiplexer, i suggest you the Elecard MPEG-2 Demultiplexer, but set it PTS.
Anyway, BSPlayer have a bug, if you want to seek with Elecard MPEG-2 Demultiplexer in PTS mode, it seeks to 0 always :) and this problem not exists in graphedit or other player, so its a BSPlayer bug. :)
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...Fenyo
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