YES Phil,

you can do(i did yesterday for 2 movies)
adjust Roba for 1/2 dvd size.
open d2s select 2 audio tracks(imy choice is "do not convert audio(use source audio)
choose 2 languages for subs(great feature-in subtitle palette, you can choose the color and font for subs..my choice is yellow or money...better than the white default color)
in cd image tab select "dvdauthor"

select multipass vbr(no matter the number of passes choosed,will be always 2)don't use one pass vbr!
choose "edit as part of video encode",when this window open,remove all resizes and use only undot() and deen()...click save,ok.
or copy this script to avisynth.ini (your choice)
[AVISYNTH_ NO Resize - Undot - Deen]
0=undot()
1=Deen()# low Q in CCE266 with kvcd notch matrix
or this for extreme compression(very slow but great quality and compression):
[AVISYNTH_ NO Resize - Undot - Deen]
0=undot()
1=Deen("a3d",3,4,1,4)# very low Q in CCE266 with kvcd nothch matrix- cool for 3 movies

no matter if you rip the movie to hd, choose "internal routines" for perfect audio sincro.
encoder CCE266-choose kvcd notch matrix!
run...
repeat this steps to the second movie(or 3 movies,your choice)
i got 2 movies(each with 2 ac3 audios, 2 subs) in perfect final size.
now i only need one tool to do the menu!
quality?....see your own results, will be better than my opinion!