Why don’t you just capture the DVD as a “non-controllable” device and use the DV or whatever codec with your NLE? It would be much quicker/simpler than “ripping” the DVD.
And if you don’t have a capture card, just get a hold of a DV camcorder, run the DVD player thru it, all the while capturing via Firewire. I don’t know why you would even consider your original approach.
Plus, 2 hours of DV footage is NOTHING in regards to storage when compared to uncompressed codecs.
Good luck!!