I use Nero recode to burn movies to blank DVD disc.
A commercial DVD can hold much more than 4.7GB. It may use multiple layers as opposed to consumer DVD's that hold 4.7gb on one layer.
Nero Recode can compress the main movie onto a 4.7GB disc no problem and it does it very nicely with no noticeable loss.
You only need to burn the main movie not all the other content such as menu's, coming attractions, special features, subtitles, other sound formats other than dolby, etc.
The main movie may be 130 minutes long but Nero recode will do two passes to figure out how to get the best quality and compress it down to a 120 minute disc.
For example, if a scene has a black background for several frames and nothing changes from frame to frame in a certain area of the frame, there is no need to copy each frames background. A compression routine can be used to calculate this sort of thing which is what nero recode does.
The only problem you will have is that DVD movies are encrypted and you cannot copy encyrpted files to your hard drive or to a burner.
I cannot tell you how to do that.