For a one step process you can always use DVDFab Platinum (not free). It now converts DVD to mobile and they have a Nokia N95 profile as well.
I did a Crank as a test this past weekend and quality was superb! It was just over 360MB in size too for the whole movie using the N95 preset.
DVD to Mobile
DVD to Mobile copy modes available: Generic, iPod, PSP, Cell Phone, PVP and PDA. More devices support can be added manually.
Generic: Convert DVD title to PC MPEG-4/DivX/XVID/H.264 AVI/MP4 file. It also supports all other devices which are not listed in navigation bar.
iPod: Convert DVD title to Apple iPod MPEG-4/H.264 MP4 file.
PSP: Convert DVD title to Sony PSP MPEG-4/H.264 MP4 file.
Convert DVD title to specific format which is supported by cell phone, PVP (Portable Video Player) and PDA (Personal Digital Assistant).