Thanks for the reply KKMac.
Premiere Elements does detect the content and adjust the bit rate accordingly by default but has the option to select it manually as well. I have noticed since writing the post that one the sleeve to the discs (verbatim) that it quotes up to 1 hour in High Quality, 2 hours in SP, 3 hours in LP, and 4 hours in EP. I am not sure if this factors in the source media to come up with the storage capacity. Meaning, will it take 3 hours of something recorded in LP and maintain its current quality, or will it lose quality based on the amount of time of the recording.
I was able to shave 15 minutes off of the original media I was speaking of and that upped the bit-rate, which improved the picture.
Thanks again for the help.
Cole