>>Is there a way to compress this so that I can burn it to a single dvd and bring it back to the computer for editing later without loosing much in quality?<<
Yes to the first part - you can compress and encode it as a DVD-Video using iDVD, DVD-SP, Toast or other DVD authoring program.
No to the last part about preserving quality. Once compressed, you WILL lose quality. The compression process throws away a lot of information in most frames of the video (Google: MPEG-2, GOP, I-frames, B-frames and P-Frames for more information).
Yes, it can be edited later ... but it will have to be converted into an editable format first. In short, DVD-Video is NOT a recommended for archiving.
You're best bet for archiving is to hang on to the original tapes, and/or have them dubbed to DV tape. A cheap DV camcorder can be used as playback device should you need one in the near future.
-DH