How can I reduce the storage needs for iMovie events (raw video)

Good news - After borrowing an 8mm analog camcorder (mine died years ago) and an older digital camcorder (mine doesn't support A/V in) I have been able to set up a "bridge" to convert our old 8mm home videos to digital and import them to iMovie.
Bad news - At 13GB per 8mm tape, plus the Mini DV tapes we also have, getting it all in the computer with room to grow is going to require at least 500GB of space, which I don't have. On hand are 120GB internal (MacBook), 120GB external (Time Machine) and 40GB portable.
After my experience with the 8mm analog camcorder (it died, couldn't buy them anymore, tapes useless) I want to get everything digital in a standard format with backup.
1) Is there any way to reduce the storage space required for the raw video (Events) without impacting image quality (already mediocre in the tapes converted from analog)?
2) What's the best way to squeeze an hour of video down to fit on a DVD but still leave the video available for re-import/editing in the future? I'd likely mail the DVDs to my parents house or something to keep them separate.
Thanks!

Hi
You can also use
Yousendit (google it)
where You can send 200Mb movies
- You download Your movie to them
- get an Internet address back ( url - I think it's called )
- this You copy and send in Your e-mail to those that want's Your movie
- and now they can get it from same address
If You pay You can send up to 2Gb (if I remember right)
BUT it will take time ! In most of my cases - burn it onto a DVD and send by snail-mail most often are a better solution.
Yours Bengt W

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