This may sound stupid now but is their any way is fit more than 120 mins of video on a single layer DVD+R disc?
Use DVD Shrink its free. Here is a guide http://www.afterdawn.com/guides/archive/dvd9_to_dvdr_with_dvd_shrink.cfm
120 minutes is all? Try 195 mins on a single dvd+r with the backup target of 4360 mbs with no extras! With dvd shrinks max smoothness setting in the adaptive error compensation enhancement: Very good quality backups on the lord of the rings trilogy! Dvd shrink and quality media? No problemo! Scan that guide that arniebear posted. Any questions, just come on back.