here's a few ideas and a rant to boot
Just about all DVD recorders will let you specify quality vs. max. record time per disk. But it is in chunks. If you want to fit two hours and five minutes, you have to change the setting to four (or three) hours. You could, of course, fit a second program that's an hour and 55 minutes or less. Generally speaking, when you copy your tapes, there will be some generation loss, no matter how good the target medium (at least, not without some very fancy and expensive post-processing). An LP tape recorded to DVD will not magically be DVD quality. As Pepe7 said, garbage in garbage out. The best you can hope for is for something nearly the same quality as what you started with. Plus, if you try to compress six or eight hours onto a single DVD, you'll probably be doubly disappointed.
Here's another approach you might want to consider. It's a little roundabout, but might get you good results. Get a Tivo. You can record composite video directly into it from your VCR. It even has a VCR setting to do so. You can adjust the recording video quality as best, high, and good. Tivos allow copying to your computer over your network. After you copy to your computer, there's free software available for lossless conversion to MPG2 (directshowdump). Also free software to copy to DVD (DVD flick). The Tivo quality corresponds to 1hr on a DVD for best quality, 2hrs for high quality, and (I think) 4 hours for good quality. The 2hr setting is near-DVD quality. This won't improve your recordings, but further degradation shouldn't be too noticeable. Also, "DVD flick" will optionally further compress your files, so you can fit a 2hr 5min recording on a disk with little further degradation (but the compression takes longer to burn). This is pretty complicated and takes time, but you don't have to sit in front of your computer while stuff is copying/rendering/burning.
If you don't mind me getting on a soapbox for a minute, I have a comment about any VHS movies you actually bought. They'd like to throw you in jail for making a single backup copy of a DVD. This is your fair-use legal right that has already been established. DVD is a crappy medium. I have small kids. They have already destroyed thousands of dollars of DVDs. Think about it. just touching the damn things to put them in the player can destroy them irreparably. I'm not supposed to be allowed make a copy and watch the copy??? Oh NOOOO, they'll tell you, because you don't actually own the DVD, you just have a license to watch the show. OK, well, if I paid for a LICENSE, then, as far as I'm concerned, when I bought the VCR tape, I should get a free DVD when it comes out, a free blu-ray when it comes out, and free replacement of the inferior media forever, with rights passed on to my heirs in perpetuity. How many times do I have to pay for the same thing? Intellectual property rights aren't clear-cut. There are two opposing camps with different agenda. If it were up to the consumer, all media would simply be free. If it were up to the supplier, you would be charged money every time you simply thought about the movie/song/etc. Neither approach is tenable, nor is either right or wrong, per se. The problem is, intellectual property is a have-your-cake-and-eat-it-too sort of thing. That is, one person consuming it, doesn't diminish the quantity available to the owner or others. Thus, intellectual property laws are a balance between the needs of the consumer and the supplier. Too far one way, and no one will buy. To far the other, and no one will produce. It's fundamentally a compromise between opposing camps designed to maximize the benefits to all.
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