Well, every so often, the DVDs could be redone with newer runs. My goal isn't to archive ALL runs on DVD, but merely a series (somewhere between 3 and 5 DVDs) that includes the best of the best at that particular time. Then, like once a year, I could release a single-disc (or possibly even two-disc) 'Best of the last year'. There's no need to try to figure out a way to completely get rid of obsoleted runs, so an 'update' disc should work well, with basically the same information that's already provided on Bisqwit's site for each movie. I'll probably even include the actual emulator movies on the disc as well (since the file sizes are miniscule, this will barely affect the total video length, if at all). I'm not sure whether it'd be a good idea to include the actual emulators - while on the one hand, it would mean that the user would only have to supply the ROM, it also means that people not actually in the scene might possibly get stuck with a buggy version of an emulator after a new version is released.
For the first release, I'd choose the runs to include by popular vote on this forum. I'll be using MPEG-2 VBR at about 8000kbps, and probably AC3 audio (since the runs are done with NTSC ROMs and 60fps Famtasia, the DVDs will be NTSC, so I won't be using MPEG Layer 2 audio), so it should be fairly easy to compute an approximate amount of video to fit on the disc. Some runs might be best to dedicate to their own DVD (or, for example, have a Metroid series DVD), but the shorter runs should give us quite a bit of room.
Any input on this idea is welcome. All people who contribute to the production of the DVDs will of course be credited. As I mentioned earlier, I will be writing up my method for generating these videos, and publishing it here for others to take advantage of as well. Currently, the software I'm using is VDubMod with LAME CBR DLL, AviSynth, TMPGEnc for encoding and Adobe products (Photoshop, After Effects, Encore DVD) for the DVD interface production.