IPS monitor, not ISP.
You can often calibrate a non-IPS monitor to acceptable tolerance for personal projects, but understand you're not seeing the full depth of highlights and shadows. You may be surprised when viewing the content on a TV later -- sometimes pleasantly, sometimes not.
Our portable setup uses a non-IPS panel because laptops don't have IPS panels yet. However it gets plugged into a calibrated CRT (second monitor) when on-site. Both the CRT and the LCD are calibrated, but there's an obvious change in depth viewed through the CRT. You're simply missing out on the full image quality by using a cheaper consumer-grade panel.
But again, that's fine for personal use.
The Sony S series 15.5" laptop has one of the best botebook screens I've ever seen:
~ $825 from
Amazon:
http://www.amazon.com/gp/product/B00...SIN=B005JY9LLQ
... but even it's not IPS quality yet.
The Viewsonic VP2365-LED is ideal for video work, without breaking the bank.
~ $315 from
Amazon:
http://www.amazon.com/gp/product/B00...SIN=B0053YKE72
I'd put the monitor at a lower priority compared against the VCR, TBC or capture card (or DVD recorder).
What you have is workable for personal use, even if not optimal to professional standards.