Instant Copy does what you want in one step. DVD shrink does 2/3 of the job, it can decrypt, compress, and copy the files to the hard disk ready to be burned. You need to use DVD burning software like Nero to burn the files DVD shrink creates.
No I forgot that Instant Copy won't decrypt. You would have to first decrypt/copy the DVD files to your hard disk with DVD Decrypter, then use Instant Copy from the hard drive copy. So this method takes 2 steps too. You can choose to either decrypt + transcode/burn as two steps or decrypt/transcode + burn as two steps. Its not difficult either way.