Re: 376 minutes in a DVD?

You can do this.
If you use a DL DVD+R, your bitrate will be 2.7 for the video only, assuming you use a Dolby AC3 stereo track for audio.
This will look pretty bad in Compressor because it has a max of 2 passes. Using something that will do more passes will give you more opportunity to save some quality. I'd suggest Cinemacraft's CCE-MP encoder which works as a plug in to Compressor. It's $800 and does a good job, but I've never gone as low as 2.7 with it. 3.5 looked pretty good and that was fast action stuff with a lot of detail whipping by with camera pans and quick edits.
Keep in mind too that some DVD players may have trouble playing back a burned DVD-9, so your other option is to make this a set of DVDs and split the program over two or more discs.