Letterbox format on 4:3 TV?

I’ve got an old 4:3 TV that does not do automatically handle letterbox format. WIdescreen video looks vertically stretched on the ATV. Is there a fix/hack for this?

I am not ready to buy a new widescreen TV and wonder if there is hack available to fix this aspect ratio problem:? As an interim solution, I’ve reprocessed and changed the aspect ratio of movies so that they play correctly on the ATV (effectively letterboxing them). It’s a hassle though because I have to reprocess everything before I can watch it.

Any suggestions?