@Greg
We do know some of that... Joe says he and his friends already completed it.
Perhaps he edited his post to provide that info as a result of your post.
Regarding quality... a measurement very largely in the eye of the beholder... a five minute short of marginal quality can often take the same amount of storage space on disk as one of high quality.
@Joe
The subject of rendering is a fascinating one. While the subject is covered elsewhere on the internet I do wish we had dedicated discussion that delved deeply into such topics here that pertain specifically to OpenToonz.
For the purpose of this discussion I will make a distiction between 'quality' and 'resolution'. As stated above, 'quality' is largely in the eye of the beholder whereas resolution is more akin to pixels on a screen and blobs of ink on paper.
The first point I would make with regard to your observation about a 5 minute series of images taking up 5GB of space is that 5GB isn't that much space in current terms of storage.
I would guess that 5GB is at the extreme low end of the scale with regard to number of files, not so much with text files... such as most of the files you'll save out of OpenToonz but with rendering of video and audio.
Storage space is pretty cheap these days and it's common to have Terrabyte external harddrives.
Now distribution of those files... that's another matter entirely.
Keep in mind here that we are talking about a 'master print' of your production. The one you will very likely create derivative works from. The product that you won't have to render again because for all intents and purposes the 'rendering' is technically done. What remains is conversion to other similar (although likely inferior) products because with each change we risk the loss of data (hence the suggestion to keep that first rendering uncompressed/lossless).
The second point would be to understand what your target 'audience' is and work toward that... allowing for a sufficient margin of error as well as subsequent renders to other resolutions..
This is one of the reasons it is often recommended to render out to high quality with lossless compression (or no compression) because you can then always use those high quality 'prints' to hit those lower quality targets.
If you know for a fact your primary audience will view your product at a lower quality then you can save a lot of time and space by rendering directly to that level of resolution.
A third point would be that the first and best files you must store (and backup!) would be your project files.
Those should at least theoretically take up less space than the byproducts produced but if worse comes to worse and someone wants your product in a different resolution or format you can always go back to the source and target those. Lose those original source files and you've got a very serious problem.
So, in summary... in the larger scheme of things the storage of the rendered files is not that important. Whether those files be tiny gif animations or huge high resolution images meant for projection... those are temporary and often moving targets. As long as you have the original source files you can target any storage size you want. If you only want to fill up 1GB... done. Want to fill up 1TB? Crank up that resolution a ton... and plan to wait days before the rendered images are done.
There is a lot more to this discussion... and a lot depends on what you need to get done.
I hope your query will generate a lot of feedback because it is a very important topic.