If you have an LTO4 drive that supports encryption then the option in Backup Exec is via the same drop-down in the job properties that lets you set software encryption.
BTW if you encrypt something before you compress it, then the compression will be very inefficient/ineffective. This is because encryption randomises the data in the file, but compression is looking for similar sequences of data in order to reduce the size - hence with your combination of Software Encryption (done by Backup Exec) and hardware compression I would expect compression not to be able to achieve much.
Best Practices for Software Encryption:
http://support.veritas.com/docs/311713