There’s no such thing as “ripping directly to MPEG4”, as that is a conversion. If the movie is all you want, then use DVDShrink in re-author mode to rip the movie only. Also set Shrink to rip into a single VOB file. That will give you the flexibility to handle the VOB file as an mpeg if you choose to do so. Also set Shrink to eliminate all but the one audio track you want, which will further make the MPEG more compatible with a wider range of video converters. Saving only the 2-channel audio track will make it even more compatible with a wide range of video converters.
One this is done, you can do just about anything with the movie, including converting it to any other format.
If you want to convert the movie to a portable format, you’ll need a converter that supports that format, I believe Zune would be WMV of some type. There are a few DVD players that will play back MPEG-4, but the simplest option for re-burning the movie for DVD players would be to burn it as DVD-video, which you will already have after ripping with DVDShrink.
So there’s really no one choice for all your intended uses for the movies, you’ll basically need to take conversion steps for each of the intended uses.