From a quick look at the True Image web page, it looks like it can do that kind of thing. It has a ZIP file option too, though many file types (such as movies, MP3 or program installation files) are pre-compressed and don't benefit from more compression).
Personally, however, I don't bother with backup programs. I just parcel out the files manually in to subdirectories under 4.7GB in size, and back each up separately to a standard file DVD. That way, if I have to get the files back off DVD, I just copy them off - no restore program required. Just mark the DVDs with the info, keep notes if you need to.
I never use proprietary solutions unless I have to: companies can go out of business, but standards will hopefully stay standard for a while. Does anyone remember the
Zip disk? Where are they now..?