Yes, it can be converted after you decrypt and rip the movie to the hard drive. It is not always simple. You will lose extras and menus doing this.
Sometimes you can do the whole process with AVStoDVD, a free conversion program. Import the main movie m2ts file into AVStoDVD, set it to use a 2 pass encode with the HC encoder and set output for a DVD-9 (double layer dvd). Burn to a Verbatim brand DL disk.
There are a few problems that will happen when you do enough of these. For example, some blu ray movies have the main movie split between several m2ts files. You have to join them beforehand. Also, many HD audio streams tend to crash AVStoDVD...I've found that DTS-HD MA audio in particular is a problem, and it is getting to be fairly common in blu ray movies.
So, how do you deal with these? I use a gui for EAC3to called Clown BD to get a unified .m2ts file. I also use it to extract the audio and give me an AC3 audio file that complies to dvd standards (448kbps or less at 48kHz). To re-encode the video to the correct resolution and bitrate, I use an Avisynth script and the HC encoder, which will give me an mpeg2 video stream that is also dvd-video compliant.
At this point you have separate video and audio streams. You import these to a dvd authoring tool and produce a finished dvd, ready to burn. GUIforDVDAuthor, DVDStyler and DVDAuthorGUI are some free authoring tools. (I use a commercial product called DVDLab Pro)
Some tools you might need: Avisynth
Avsp (to create a basic Avisynth script)
Authoring tool of your choice
Bring the main m2ts file into Avsp to create the script. Add a line that looks like this if you are making an NTSC compliant resolution: Spline16Resize(720, 480)
You could also use Lanczos4Resize(720, 480) instead, just depends on which resize filter you want to use.
Save the script in Avsp and use it as the input file when you start up HCgui. Oh yes, there is a button in HCgui that says make dvd compliant...click on it just to make sure your video output is going to work in a dvd authoring program.