I'd also say that H.264 is the way to go for archiving in a compressed format.
Don't think you can spot any differences to the original by eye at 4-5 mbps with H.264.
Maybe use 2-pass encoding to get best quality at smallest file-sizes. Takes bit longer though.
Great thing is: If you have - say - clips with fast motion or more complex content (trees with leaves etc.) you can set the maximum bitrate higher and the encoder will increase bitrate to the needed maximum bitrate in that parts.
Depending on your clips and encoder you can reduce file size even further by audio compression (using lower bitrates and/or mono instead uf stereo).
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