Welcome to CD Freaks.
There's no real need to pay for anything.
Using Ripit4Me and DVD Decrypter you can overcome any DVD protection systems and once you've ripped the whole movie to the HDD you then compress it with DVD Shrink. All are free and easily found on the web.
If the movie has no or older protection then DVD Shrink could well process the whole thing without the need for any intervention.
AnyDVD isn't a must have but isn't a bad investment and in conjunction with the free DVD Shrink should give you a very good end product. If I was paying for an application to strip out the extras , subtitles & compress to a DVD5 disc I'd go for CloneDVD2.
The advantage of DVD Shrink , apart from being free, is that it has more options for compression that can improve the final video quality.
If you have the Nero suite then Recode will be included which will also do a decent job at compressing to DVD5 but needs something like AnyDVD.