I don't know the "best"way, but for this sort of thing I tend to dump everything onto a timeline and play through 2x speed, mark cut and delete as I go.
Often I'll put footage onto say track 3 and 4 (one track for each camera) , when I find a piece I think I may use I'll cut it and drop it down to track 1 or 2. Then I have tracks 1 and 2 with footage that is worth reviewing more. I also color code my clips as I go. ie - orange is a great clip, lime is possible etc etc.
generally once I start going through I quickly get a feel of what I have and what else I need. With that much footage you won't get to show all the really good stuff, so concentrate on what is needed to tell the story.
just my 2 cents worth