video conversion tips

I've copied some VHS tape video 'home recordings' to PC, ended up with a
.ts file as below (VCR video out into a Hauppauge card);

would like to reduce file size somewhat (nearly 3gb, 40min), without
compromising video quality

I think I can run it through handbrake, just not sure what options to use,
or not use, I'll try a few different options, but, welcome any tips or
suggestions

Mediainfo says:
----------------------------------------------------------
ID                                       : 0 (0x0)
Complete name                            : D:\video\w83.ts
Format                                   : MPEG-TS
File size                                : 2.75 GiB
Duration                                 : 42mn 33s
Overall bit rate mode                    : Constant
Overall bit rate                         : 9 235 Kbps

Video
ID                                       : 1001 (0x3E9)
Menu ID                                  : 1 (0x1)
Format                                   : MPEG Video
Format version                           : Version 2
Format profile                           : High@Main
Format settings, BVOP                    : Yes
Format settings, Matrix                  : Default
Format settings, GOP                     : M=3, N=12
Codec ID                                 : 2
Duration                                 : 42mn 33s
Bit rate mode                            : Variable
Bit rate                                 : 8 649 Kbps
Maximum bit rate                         : 8 500 Kbps
Width                                    : 720 pixels
Height                                   : 576 pixels
Display aspect ratio                     : 5:4
Frame rate                               : 29.970 fps
Standard                                 : PAL
Color space                              : YUV
Chroma subsampling                       : 4:2:0
Bit depth                                : 8 bits
Scan type                                : Interlaced
Scan order                               : Top Field First
Compression mode                         : Lossy
Bits/(Pixel*Frame)                       : 0.696
Time code of first frame                 : 00:00:19:04
Time code source                         : Group of pictures header
Stream size                              : 2.57 GiB (94%)

Audio
ID                                       : 1002 (0x3EA)
Menu ID                                  : 1 (0x1)
Format                                   : MPEG Audio
Format version                           : Version 1
Format profile                           : Layer 2
Codec ID                                 : 4
Duration                                 : 42mn 33s
Bit rate mode                            : Constant
Bit rate                                 : 128 Kbps
Channel(s)                               : 2 channels
Sampling rate                            : 48.0 KHz
Compression mode                         : Lossy
Delay relative to video                  : -473ms
Stream size                              : 39.0 MiB (1%)
Menu
ID                                       : 1000 (0x3E8)
Menu ID                                  : 1 (0x1)
Duration                                 : 42mn 33s
List                                     : 1001 (0x3E9) (MPEG Video) /
1002 (0x3EA) (MPEG Audio) / 1003 (0x3EB) ()



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