How to setup Adobe Premiere Pro CC to edit Interview type videos for YouTube
What presets do you recommend when creating Premiere project for a YouTube video? I read that YouTube recommends uploading 720p videos, but nothing like that exists in Premiere presets.

Any preset works as long as your export settings correspond to what YouTube can ingest.

By the way, 720p presets exist in Premiere, for most codecs.
Here's a screen capture for the DNxHD codec:



What settings should I use to render the sequence to have good quality but acceptable file size?

For a 720p file, make sure your data rate is no smaller than 5 Mbps.

For a 1080p file, make sure your data rate is no smaller than 10 Mbps.

Codec: H264.

Field order: progressive usually (depending on your raw footage).

Aspect: square pixel usually (depending on your raw footage).

Audio: AAC, 4100Hz, Maximum Bitrate.

Maximum render quality.