Streaming blu-ray rips to the PS3, is there a 'best practice' guide anywhere?

[zAndy1]

I want to rip my blu-rays to my new 1TB HDD and stream them to my PS3, using PMS if possible. Firstly is this possible and if so what's the best way to do it? I assume I'd have to remove all trace of HD audio so the resulting file either has AC3 or LPCM audio. I'd like to remove all extraneous stuff (soundtracks/extras) and preferably reduce the size to approx 10GB per movie. I fear it's going to be a minefield of issues and problems , or is it really quite straightforward?

Cheers
Andy