I thought I'd be a bit more scientific about this, especially as I was asking about your set up.
Mine is a faster system than yours (XP2800,1 GB ram , 3 HDs, 4 Opticals, all on separate IDE channels).
I took a terrible example to rip - LOTR The 2 Towers (7+GB) & ripped from my burner to a fast empty ATA133 HD. Any conversion was done just on this one drive as you've only got one. We'll assume that Shrink is comparable to DVD2One, although having used both I prefer Shrink.
. Straight rip to HD with DVD Decrypter - 16mins
. Shrink the ripped files - 35mins
So far comparable with yours.
Anydvd & Shrink direct from burner to HD (combined rip & shrink) - 35mins
Conclusions - Get Anydvd (or equivalent) & rip/shrink in one go. Time saved 16mins. (on your system probably more)
For the burn time, it's already been suggested that a better media will result in improved times & quality.
There really is no easier way of doing this process & with your system & the recommendations here it's about the best you'll get.
Hope this is helpful.