Unwanted moderate distortion of aspect ratio when exporting video
I use my VCR to record from US broadcasts (good old fashioned plain old TV, NTSC, I presume). Then I transfer snippets onto my DV camcorder (good ol' plain DV, nothing with 16:9 or anything like that). Then I import my DV footage into iMovie HD 6.0.2. It imports fine and looks like a normal aspect ratio.
But when I export using the File > Export... setting, I get a Quicktime video which appears vertically squished. The faces are too wide, bodies are too fat.
Looking at the various aspect ratios, I see that the preview window in iMovie HD is about 720 by 525 -- there are no black bars or letterboxing, and faces and bodies look normal. But the output video is 720 by 480, which is (according to a quick Google search) a normal NTSC output. No cropping has taken place, and no letterboxing, either. So that's why it's squished. But...
So why is iMovie showing me something from right off my TV screen which is the wrong aspect ratio but seems to have the correct proportions? That would seem to imply that my good ol' TV and VCR are not actually operating in NTSC proportions... which would be extremely weird because the footage I happen to have recorded is from an old game show from the 1960s. Do I have some setting wrong somewhere?? Is there something fundamental I don't understand? Help! Like I said, this is a new problem with me and I don't recall having changed any import settings.
Mini, Mac OS X (10.4.6)