I'm a friend of keeping the original files, so that you can still use the archived original ones and do new encodes from these fresh ones when the old transcodes are out of date. eg. migrating them from previously transocded mpeg2-hd to mpeg4-hd (and perhaps from mpeg4-hd to its successor in sometime). but all of these should be done from the original. any compression step will followed by a loss of quality. it will need some time to redo this again, but in my opinion it's worth the effort.
so, if you want to keep the originals, you can use the running time in seconds of you tapes times the maximum datarate of hdv (constants 27mbit/s I think) to get your needed storage capacity