Best target format to use for importing less-than-cinema-quality video?

I shot 4.5 hours of conference video on an AVCHD consumer camera. The original footage uses about 14.5 GB on the camera's SD card. The video was shot at 1440 x 1080, 16 x 9.
When I do a log and transfer, the files balloon to 250 GB and are saved as Apple ProRes 422 by default.
Since this is just conference footage, it doesn't to have the highest quality. I have no need for Apple ProRes 422.
If possible, here's what I'd like to do:
1) import it using a format that gives me at least the same quality as the original video
2) keep the file size as close as possible to the original file size
3) Keeps the original 1440 x 1080 size.
4) Is a format that can still be edited in the Final Cut 7 timeline.
5) Saves me the hassle of having to run Compressor on the huge 250GB files.

Thanks.
I tried LT setting. It created files about 30% smaller than those created with the normal ProRes setting. So instead of 250 GB, I have 160 GB files. Better, but I was hoping more like 20 GB files.
I'm going to try giving iMovie a shot and see what kind of file it generates.
What I'm mostly interested in doing is providing an archival copy of the full video for historical purposes. Something that could fit on a couple of DVDs or placed on a hard drive or cloud storage system without eating up huge amounts of space. Also, something a historian could reasonably be expected to open 20 years from and have it still look reasonably good on his/her 6000 x 4000 monitor.

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