The size of the MKV is the size of the original streams - MakeMKV doesn't transcode, it just (decrypts and) repacks. I'd say the result will be somewhere between 15GB and 30GB. Whether Handbrake can deal with this MKV I do not know (my ripping times are long gone), but I would be surprised if it couldn't, given the praise this tool has received here and elsewhere.
Yes thank you. The output file size of MakeMKV was sort of my concern, with 30~40GB a pop, it will fill up my hard drive pretty fast, even if I have a big hard drive. I will try to see if Handbrake can somehow compress it down to more manageable sizes.
I use AnydvdHD with Hanbrake to decrpypt blu-ray and save as mkv with x.264 compression and they end up being about 2-3gig per movie. I just takes to long, about 3-4 hrs per movie. I have since switched to ripping with DVDfab and it uses CUDA ( your graphics card processors ) and it rips blu-ray in 30min vs. 3+ hrs.
I've read GPGPU often results in lower video quality, though it may not be noticeable. Just thought I'd mention that.
It only takes me about an hour to encode a BD movie with handbrake (i5-2500k @ 3.3GHz).
Whatever encoding program you use should have settings to adjust the output size (try tweaking things like bitrate, dimensions, audio tracks and compression). It all depends on how much quality you're willing to sacrifice to get a reasonable file size. For blu-rays, I use AnyDVD HD to decrypt (on the fly) and Ripbot264 to encode.