Workflow - Capturing HDV as SD?

[Itinerant1]

I'm shooting large quantities of HDV footage, which I eventually want to use for a feature-length doc. But for now, I'm compiling the footage into weekly video-blogs for display over the internet...

What's the best capture/edit workflow for minimizing hard disc space such that I can display my videos over the internet in the short term (in lower res) and recapture HDV later?

Thanks!

[Itinerant1]

I forgot to mention: I'm editing with FCP. Thanks:)

[oneearth]

HDV is the same file size as DV.