This paper shows how the priority encoding transmission (PET) framework may be leveraged to exploit both unequal error protection and limited retransmission for RD-optimized delivery of streaming media. Previous work on scalable media protection with PET has largely ignored the possibility of retransmission. Conversely, the PET framework has not been harnessed by the substantial body of previous work on RD optimized hybrid forward error correction/automatic repeat request schemes. We limit our attention to sources which can be modeled as independently compressed frames (e.g., video frames), where each element in the scalable representation of each frame can be transmitted in one or both of two transmission slots. An optimization algorithm determines the level of protection which should be assigned to each element in each slot, subject to transmission bandwidth constraints. To balance the protection assigned to elements which are being transmitted for the first time with those which are being retransmitted, the proposed algorithm formulates a collection of hypotheses concerning its own behavior in future transmission slots. We show how the PET framework allows for a decoupled optimization algorithm with only modest complexity. Experimental results obtained with Motion JPEG2000 compressed video demonstrate that substantial performance benefits can be obtained using the proposed framework.