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I've used MakeMKV a few times to copy my DVDs. It does an amazing job, but the file sizes are usually really big. Is there anyway I can compress them down to a slightly smaller size without losing a whole lot of my quality?
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Handbrake is youre best bet, I use it and works wonderfully. Blu ray I get down to 3-6gb depending on the film without any noticable difference in quality. Also very easy to use tool just takes time to encode.
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and handbrake will compress a MKV i've already made?
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Yes it will. i do the same