Sorry for the late reply, have been busy with school.
Experiment:
47:13min video, AVI, 9,83GB -> Added to timeline and ‘automatic’transcode setting -> 47:13min video, H264, build: 2,89GB/4,7GB.
It kind of worked but it is still to big, it looks like I need 4-5 more discs?
I tried another transcode settings:

Outcome is 1,53GB/4,7GB. But I have no idea if these transcode settings give good, decent quality.