Archive format for DV tapes?

I'm capturing a bunch of old DV-NTSC tapes for safekeeping. These are home movies; not professional stuff. (Most of it was shot on a HandyCam DCR-PC100.)

But the native DV format takes up heaps of space.

I was wondering if there's a "modern" codec alternative, which will maintain, say, 90% of the original quality, but save me a bunch of space. Maybe even de-interlace while I'm at it...

As I recall, DV is 25mbps, but my gut tells me that H.264 could give me nearly the same quality at 4-5mbps.

Any thoughts?

thanks