K-Lite MPEG Pack
If you're a fan of K-Lite codec packs, you're definitely going to like this one: a codec suite especially designed for MPEG conversion issues, both audio and video.
K-Lite MPEG Pack combines a series of codecs MPEG-1/2 and also audio MPEG, choosing the best options available like Cyberlink, DScaler5, Ligos or Intervideo. Plus it also includes filters and splitters.
Filters will enable you to enhance the material's quality before proceeding to convert it, and splitters will take care of longer MPEG files to make them fit into multiple disks.