I have about 300GB of footage shot using P2 cards that I want to re-compress into something smaller so that I can transfer the footage to another drive and do an offline edit. I need to re-compress because the drive that I'm going onto won't fit 300GB. Can anyone help me with the best compression to use and how to go about doing this. Thanks much.
That much footage is going to take a long time to convert. Hard drives are cheep, in my opinion the $100 or so that you would spend on a new 1TB drive is well worth the time saved to convert it to a smaller offline format.
There are no "technical solutions" to your "artistic problems".
Don't let technology get in the way of your creativity!