Sorry for being so late to report my progress. I got side tracked due to tax deadline and other issues. However, I did a lot of work and I would like to report to you my results. The story is very long but I will shorten it as much as I can so that I do not take too much of your time.
To do the digitization of my Hi8 tapes I set up a MacBook Pro with Yosemite 10.10.3 with a 2TB external drive and I installed FCPX, Premiere CS6, New iMovie, iMovie HD 6, Debut, QT 7 and QT X. Except FCPX and New iMovie all the other software can capture Hi8 Tapes with no time code run on a GV-D800 through the iLink/Firewire output. They all produce .mov files except iMovie HD which produces .dv file and it needs to be converted to .mov to import into FCPX. (Note: I also tried to test Toast 12 but could not get it capture Hi8 video. May be there is a way but I doubt it will be as effective as the other software because it does not seem to be setup to do conversion.)
I found out the following results after I imported the digitized .mov files of a promotional video of a proposal I wrote in 1997 into FCPX and tested the resultant clips. This Hi8 tape is about 2.1 minutes long and has moving computerized images with straight sides and scrolling writings up the screen. I found this tape was much easier to see the differences between the digitizations then a normal video of scenery and people.
Premiere CS6: Produced 487MB file. It played well when it was in Premiere but after I imported it into FCPX the edges got jagged and the scrolling text was jumpy. I think Premiere is good if its digitized video is used in Premiere. I do not know why it does not play good when imported into FCPX.
iMovie HD needs a trick to run in Yosemite. If interested I can explain. iMovie HD‘s .dv file after conversion into .mov was already not good and I did not import it into FCPX. iMovie HD .dv output may work well if imported into the new iMovie but I did not check this yet.
Debut would give you nearly any format you want. It produced a 51MB .mov file. Therefore, it was doing conversion from its own format to .mov. Although played not too bad in Debut, it also showed worse results than the Premiere after imported into FCPX. I think its conversion into a different format is costing quality, but its so many types of vide conversion capability is interesting.
QT 7 has two formats, Best Quality and Device Native. Best quality produced a 19.7 MB file and the Device Native (I think it is the raw file) 509MB file. Native was clearly better then the best quality when played in QT7 which is deemed for online sharing. Native was very good when played in QT7. After importing them into FCPX both produced jagged edges and jumping or stretching out in the scrolling text. Native was still better than the above files. I am not sure why QT 7 Native output is not working well when converted into FCPX. If it did it would have been my choice as the output file is half the size to the QT X Max below. If any ideas whether I can improve the import into FCPX please inform me. Unfortunately I checked but could not find much control over how FCPX imports files. In contrast, Premiere have different import choices one can select.
QTX or QT10.4 has only two formats High Quality and Max Quality. High quality produced a 69MB file and the Max (deemed to be Apple Pro Resolution 4444) produced a 978MB file. They played well in QT X but I could see the High Quality was slightly lower resolution than the Max. But the difference was barely noticeable. When I imported them into FCPX, Max played nearly as good if not equal to when played in QT X. The high quality version also played smoothly but the resolution looked more noticeably lower when imported and played in FCPX. Looks like QT 10.4 gave me the best results so far. I purchased a G-Tech 2TB drive and planning to start digitizing about 30 Hi8 family tapes soon.
NOTE: I do not know how big the files are after importing them into FCPX because I cannot find where the individual files are in the latest version of FCPX. It shows one folder about 12 GB size.
I cannot do this conversion again and, therefore, I need to set up everything optimum before I start digitization. I would appreciate your input please if I did the tests right. Please correct me.
Shall I use 12 bit or 16 bit Audio conversion settable on the GV-D800, please. Any other advice will be most welcome.
I would also appreciate your opinion and ideas if I should upscale or up convert the resultant files to play on HD TVs, please.
Thank you very much for all your help,
Tumay