It's mostly to let you fast forward, but there is a technical issue there. MPEG2 decoders aren't all mathematically identical, so what happens is the picture tends to drift away from the real thing after a while, and there's hacks like frequent keyframes and flipping the smallest DCT coefficient to get around it…
Maybe you could even go further and actively remove keyframes (in a fully reversible way, just keep a record of where they were)
I'm not sure how much you would save, and for losslessly archiving DVDs you might be better off creating a special format like Lepton for mpeg2
Not sure what you mean by the keyframe removal, though. Such an act would be lossy, significantly impair any P-frames or B-frames (unless you majorly modify them), and, it frankly doesn't sound very reversible. Mind elaborating?
There is no restriction that P/B-frames only reference I-frames, so you don't even need to touch those frames.
For conversion back to MPEG2 it would be ideal to detect or mark the original I-Frames, so you can convert them back (a simpler transformation). But you could also pick any random P/B-frame and convert it to an I-frame with little issue.
Sure, it's an inexact analogy because PNG is not a block-based DCT coder, but all lossless H.264 does is set the quantizer as absurdly high as it needs to go to losslessly encode a particular frame. Staring from a compressed source, this is not a good recipe for achieving a space-saving result.