Applications :: Extracting Movie From IMovie Package Contents?

I've been working with iMovie 5.0.2 lately to splice together clips of historical shows that I have on my computer. It is great for cropping them to the right moments, but I find that it takes forever to import film and then to share a movie, not to mention the unwieldy size of the final product. I learned the trick of dragging the clips directly into the media folder of a project, but I still have a problem with exporting the final product. It takes forever, and unless I choose a format exceeding a gigabyte, the quality is rather poor.

On to my question: in the package contents of an iMovie project, there is a folder called Shared Movies, then a subfolder named iDVD. I have found a high quality format of my movie there, and it is much smaller in size. While I have noticed that it relies on the individual clips in the Media folder, I can't help but think that its size would be much smaller overall if I were to somehow free it from relying on the clips, as the size of the entire project is under 300 mb. Any suggestions on how to get this movie free of the other clips?