So 16:9 screen and 4:3 aspect?
no.
Somehow you have to get to those 56% black bars. I don't think that the underscan option on its own can achieve this, so you need to trick the processor into adding more black bars on top and bottom. You can go for custom ARs, but using the 21:9 screen option as a base is probably the best way.
How you setup the datapath doesn't really matter. Since it doesn't pad in any way, you can choose whatever area you like to get rescaled to the full screen output.
Check this image:
You have to restrain your active image to the visible area in the middle. If you go for a full 1920x480 output (within a 1080p frame), you will tell the x4 to capture the WHOLE image. If you got a narrower image, e.g. 1080x480p, you tell the x4 to capture the 1080p x 1080p area in the middle.
The black bars you see on top and bottom get your black bars on the sides after you're run through the x4.
If you're using a custom screen AR you have to check how low you can go. For 1920x480 you would need a 4:1 ratio, which you likely can't set, so go as low (as in wide) as you can and use the UNDERSCAN option to additionally add padding.