Up front applying a lossy codec is not really “archival.”
Loss is permanent.
Storage is relatively inexpensive.
The time it takes to transcode is an expense since, if you’re professional, time is money.
[Tom Dempsey] “absolutely the best quality i can get outside of the original pro res hq”
There’s no such “absolute” technically speaking.
Generally the best H.264 encoding is with x264, High Profile, CABAC entropy, multi-pass variable bit rate. Higher data rates and higher key frame frequency can help but there are diminishing returns on that.
Generally It makes much more economic sense to just buy more storage.
If you insist on lossy compression, what’s acceptable is subjective and what you think looks great today may subjectively look bad a few years from now… even compared to H265 or maybe VP10 as it becomes more widely implemented.