Thanks for all the valuable information. I should have probably given more details in my original question. I am very familiar with the lighting/white balance/etc.. issues with this type of venue. I've been shooting sports photography for years, and will be using a Canon 5D3 and a bag of lens to capture stills during these matches. The camcorder will be for recording, from a tripod unattended, the full match(es). College coaches like to see a clip of several minutes of play so they can see how the player moves on the court and interacts with the team. So, I won't be zooming, panning, or anything. It will be set and left to run. If I do any close up panning and zooming I'll use the 5D3 for that. I had not thought about setting white balance/exposure/etc. manually for this, but will give that a look.
My main question was about how good is good enough. I understand about compression and all that, but just not sure what is sufficient without having to unnecessarily deal with larger files. A match doesn't last many hours, but a 3 day tournament will see many matches. They could play 5 or 6 matches in a day potentially, which would be about 6 hours... after which I can offload in the evening to my computer and start fresh... so my outside limit in that scenario would be approximately 350 minutes, and that would be pushing it in the "FX" quality mode.
I will probably have to do some trial and error. I have a limited amount of time to play because of where we are in the process, so just wanted to get some advice from others more experienced than me with video.