Not really steep, just there.
- VC500 has known issues, like AGC. So no.
- Elgato earned the nickname Elcrapo (for their lousy video capture cards, not their other good products like USB mics such as Wave:3). Also no.
- Live2 card has mixed reviews, likely due to being a long-production card with changes over time. So gambling there. A few members here like it, but equally as many have had issues. (PAL users tend to have less issues, but still not all PAL users.)
This is the problem with running to
Amazon to search for capture cards. These days, it's all crap.
A used VCR from a college? Good luck. Those are almost always way abused and in dire need of maintenance. Those can be good "refurb candidates" decks, but also equally not. Students were some of the most careless and abusive users of video gear. It didn't help matters when the instructors sucked, and let them "make their own mistakes" (at the expense of the gear).
What VCR model did you get?
Yes, learn
VirtualDub. But again, not a steep learning curve. Just pay attention to settings, the status readouts showing drop/insert frames, audio clock, etc.
A glaring issue here is lack of frame TBC. Line TBC alone is rarely enough. Hi8 is especially a drop-happy format (even if it looks better than VHS camcorders). Without anything, this won't be a pleasant task, and probably won't end well.