“Ideally I’d like to have an archive copy that doesn’t eat up disk space but is good enough to broadcast or potentially imported into a later production if needed”
Ah ha, yes indeed, the perfect CODEC, which not only is capable of the above, but also has the ability to be transcoded to much faster than real-time.
Sadly that codec doesn’t exist.
I’ve dealt with the subject of archiving many times over the years and more often than not the choice comes back to good old tape or cheap spinning disks.
Let’s take your scenario, 8 hours of mixed format HD/SD content per week. Lets say you wanted to encode that to high quality (Broadcast) H.264. With a very fast machine you’d be able to do on average in 16 hours and you’d still notice a drop in quality. How much space would you save? not much probably.
And H.264 is currently state of the art for efficiency.
Then, when you want to edit with it at some point in the future, you’ll probably want to transcode it back to a format that’s easier to edit with, like Prores taking more time.
The conclusion with nearly all cases like yours is to keep the video in the native digitised format and store on inexpensive spinning disk, storage is so cheap these days, it’s kind of a no brainer.
Broadcasters tend to back up in the native format to robotic data tape libraries.
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Please post back saying what solved your problem. It could help others, and saying ‘thanks’ is free!