I recommend AnyDVDHD to break encryption and rip to the hard drive. Then use a free program called BD Rebuilder to do the compression to DL dvd size.
No matter what program you use, it is going to take hours to reencode the video. I don't care if you have the fastest home computer on the planet, it is going to take hours to compress. It is possible to use faster settings within BD Rebuilder, rather than the high quality settings, and this will reduce the time drastically.
It helps to use a quad core machine. You'll also need LOTS of hard drive space, for the rip, the working files and the final output.
Once you have the finished video, burn to Verbatim brand +R DL disks using ImgBurn. This will be a BD-9 disk, and there is no guarantee it will play in all blu ray players, in fact, there are a few players that are known to be incompatible. Look at this thread at Doom9: http://forum.doom9.org/showthread.php?t=144674
Since this is a HD topic, I'm going to move your thread to the appropriate forum here at MyCE. Welcome to the forums mojees.