I also would be tempted to use a simple crop on the top and bottom to leave a hard clean horizontal edge.
Side cropping is a matter of taste - it is true that overscan will cover the edges on nearly all displays (even the official Region 1 GOUT has some garbage to the RHS if I recall). The only case where this is an issue is if using an upscaling DVD player, or HTPC, with a digital display set to 1:1 pixel mode (aka 'just scan', 'PC mode', etc.)
I assume that there has been some side cropping already, which is why the frame is now 654 × 480, however based on the sample frame a suitable crop/resize/border operation would be:
Crop(0, 10, 0, -12)
Spline36Resize(720, 310)
AddBorders(0, 85, 0, 85)