If you have to re-encode to save space and all video are similar content just use x265 (not intel qsv) in crf mode. You can obtain some good result.
Or for a few bucks just buy a nvidia 1050 card and use ffmpeg + nvenc + vbrhq 800kbps. For 720p that ok.
I use ffmpeg + nvenc + vbrhq 900kbps on hdtv recording (i let in 1920*1080) and on 42' screen is was ok (some block on ultra move scene)
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