I'm not a peep (sounds like a newly hatched chicken), but...
Depending on availability there could be a free solution... (borrow from friends or relatives?)
1. VHS player with component out
2. Digital camcorder with RCA component input and Firewire (maybe USB) output (I use a Sony DCR-TRV340)
3. iMovie (Maybe Final Cut though I have never used it this way)
4. To be precise you must have the VCR player, camcorder, and Mac connected and working in unison. This is where my memory is a bit fuzzy. I don't remember whether you can simply play the data through the camcorder or if you have to put it in recording mode, or ?. Experiment a little. I've done this many times, but haven't digitized any video for several years since I converted some of my VHS tapes and old analog camcorder tapes.
5. Edit in iMovie or Final Cut.
6. Use iDVD. If you don't have a copy scrounge a boxed copy of iLife '08, '09 or '11 with iDVD (Then upgrade via software update to the latest version (v.7.1.2.)) (Or, 3rd party DVD creation software.) to create a DVD.
I would think Googling this method will give you some insight I've forgotten.
Good luck,
Jerry