jm1647 is correct. You can just copy the video_ts folder from a finalized DVD + or - to the hard drive. I do something similar but slightly different.
If I want to do some "basic" editing. For example suppose I timer record a program but start it early and end it late to make sure I don't miss anything. I now want to edit out all of the "lead in" frames that have nothing to do with the program and edit out anything after the program ends.
I put the "finalized" DVD from the 5005 in my computer and launch DVD Shrink.
I then use "Open Files" in DVD Shrink and browse to the video_ts folder on the finalized 5005 DVD.
I then use the "re-author" mode of DVD Shrink to change the "start" point and the "end" point of the program. This edits out the "early" and "late" frames.
Next I "backup" and create an *.iso file of the program to my hard drive.
Finally I burn the ISO file to a DVD using either DVD Decrypter or Nero.
If I want to edit out commercials, I use TMPGenc DVD Author and essentially do the same thing but do more elaborate "cuts" and build my own chapter menus.
Works like a charm.