You can plan to change the recovery model to BULK LOGGED or SIMPLE when you
perform bulk operations. However you should backup your database before and
after changing your databases rovery model. So, unnecessary operations will
not be logged. And by taking backups you'll ensure you won't experience data
loss during this operation.
You can truncate and then shrink your transaction log. However, you should
consider keeping your transaction log's file size greater then a certain
size. You'll determine this according to your environment and needs. You
better read Tibor's favourite article about this.
http://www.karaszi.com/SQLServer/info_dont_shrink.asp
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