I remember when creating DVDs back in the day, miscalculated the bitrate and the resulting VIDEO_TS folder was over 4480MB, I could use a utility called DVD Shrink to make the folder fit exactly in a blank single layer DVD+R or DVD-R.

I now have the same issue creating AVCHD content. If I miscalculate the bitrate the resulting AVCHD folder might be larger than the capacity of the blank disc. When burning DVDs with Nero Burning ROM I could enable the overburn feature, set the limit to 4500MB and let Nero fit as much of the video as possible. If the VIDEO_TS folder was a little over the disc capacity, I usually missed some seconds from the end credits of the movie, who cares. However if I do the same when burning an AVHCD-DVD disc it won't play at all, so it is essential to make the AVHCD folder as close as possible to the disc capacity. I don't want to make it too small and potentially lose quality, nor I want to exceed the disc capacity. In VirtualDub I would reencode the movie from the original file with less bitrate and make it fit, but I would spend hours to do so because it has no hardware acceleration. In Handbrake or Fastflix (with NVEnc acceleration) unfortunately decreasing the bitrate by a small amount makes no difference on the final size of the video. Decreasing it too much it produces a smaller video than desirable potentially affecting quality.

That's why I would like to use a similar utility to DVD Shrink for AVCHD. Is there any application that can take an AVCHD folder and make it as close as possible to the target size? Is there such thing as "AVCHD Shrink"?