I'll warn you, you'll want to kill yourself before you're done.
I just got all of season one True Blood for my daughter. They were in .mkv format and I transcoded them to mp4 and dumped them on her ipod touch.
It was easy.
To make one long episode without all the filler would be sheer hell, and it'd take me all day.
(Even with cs4, because the rendering would take forever without transcoding to something it can work with. I don't even know if Premiere supports .mkv format.)
I use Xillisoft Converter to do all my transcoding prior to using Premier. It makes things a lot easier. It's still long, painful,, torturous, and I hate it.
