I'm going to be capturing with 352x480 4500k max 3500 avg for 3 hrs on each DVD. I've decided to go with DVD5 SL.
So would that be 3500 in the bitrate box & and 4500 in the Peak box?

Given the content (wrestling), quality may suffer capturing it directly to a lower bitrate. You'll just have to see.

If you want to skip re-encoding, then you should probably captures at 352x480, but with 4000 avg, and 5000 as max (peak). It'll put about 2.5 hours on a single DVD. That's honestly the best compromise between time and quality.

It would be
4000 in "Bit Rate" box
5000 in "Bit Rate (Peak)" box

No, I don't want to skip the re-encoding. After what you said about it, I think it would be in my best interest to take the extra time and do it. I remember you said that you'd do the 3 hrs on SL, so that's what made me decide to do that.
When you say re-encoding, does that mean it's encoded first as it's capturing originally, and then when I encode it thru an encoding program that is when it's re-encoded?
Since I'm going to re-encode it with a encoding program what would the new bitrates be? I'm guessing the ones you gave in your last post is for if I skip re-encoding..

Yes, that's exactly it.

What you want to do, in this case, is set WinTV to capture CONSTANT bitrate. You won't have a "peak" value, only one value. The value for this very first encode needs to be:

720x480
"Bit Rate" of 15000 (that's 15,000, fifteen thousand)

This will give a huge file. It's for capturing only, it won't work on a DVD. You'll re-encode this in an encoder, such as MainConcept, to the lower bitrate values, and the lower resolution, and it will be DVD-Video compliant, something you can author with menus, and burn to disc to play on a normal DVD player.

I've never used an encoder before, so you said I'll have to make it a lower bitrate & lower resolution, is that when I'd make it 352x480 with the 3500 bitrate, and the 4500 max in the encoder program?

Yes, that is correct.

I guess we'll be discussing hot to use encoders down the road, when that time comes, once you're able to find one that you like, and it will install and work correctly for you.

Should I use this bitrate setting for all videos 3 hrs or less?

What you want to do, in this case, is set WinTV to capture CONSTANT bitrate. You won't have a "peak" value, only one value. The value for this very first encode needs to be:

720x480
"Bit Rate" of 15000 (that's 15,000, fifteen thousand)

I don't understand your question. It might be becase you're getting ahead of yourself. Let's worry about STEP 1 first.

STEP 1 =
Capture videos in WinTV with PVR250 card. Capture with a setting of 15000k CBR 720x480.

STEP 2 =
encoding, worrying about "hours" on a disc, etc. We'll talk about that when you've got some video captured.