Before I can clarify any more, you need to explain a little about what you are trying to do and your preferences.
Is rendering time an issue for you?
How important is the final quality of your product?
How good is the initial quality of your tapes?
Are you intending to make DVDs from the files you capture?
There is lots of reading to be had on this forum. Try using the search facility. If you want to know more about the differences between the various forms of compression, you might also want to consider searching Wikipedia.