I've never used it because I build my DVDs in Adobe Encore DV but Premiere Pro has an option to cut straight to DVD. You can't create menus or anything but it will create a play-on-load DVD from your timeline. Check your manual for the necessary options. Look especially hard at "Chapter 10: Producing Final Video - Exporting to DVD" on page 295 of your Premiere Pro manual.
Basically, DVDs contain MPEG2 files which are compressed. These are much smaller than the lossless files your have at the moment. My guess if you have AVI files running at about 1Gb per five minutes of video.
Let us know how it goes.