dpalomaki is spot on.
I was/am a newbie and hauled a huge glass crt waveform monitor and vectorscope from a university video lab and hooked it up to learn about all this.. my take is it was useful mostly from a confidence perspective. That is confidence I could see and understand color bars and how they got decoded on the screens.
Realtime when actual video is playing through them it gives you a "sense" of what is going on but nothing super useful.
The waveform monitor can basically help you adjust your brightness and contrast levels, the absolute blacks and whites, or [range] so that it fits within that expected by your capture device. If the brightness and contrast values fall outside this range the capture won't be as good as it could be. - but this is usually outside most peoples understanding, or most people don't want to fuss with it for each and every tape.
The vector scope adjusts "saturation" and "hue" which are really advanced topics, often better left alone. Sat is the absolute range of the color values, akin to the brightness and contrast. Hue is the relative "tilt" of the colors to what they should be from an original broadcast source, sometimes its gets skewed in a transmission or cable and this fixes that.. but its not really for color correction... it skews "all of the colors" at the same time, not just one.
The controls for these are laid out on a proc amp by order of relative importance, brightness, contrast, saturation, hue.
If you only had one control brightness would be the most important, and so on for each of the others. And the one you most don't want to mess with is the far right or "hue".
In general these were for fixing a signal to "broadcast standards" by fcc rules and weren't meant for consumers.. tweaking to "measure up" to broadcast standards and making professional DVD standard captures just wasn't their intended purpose.. and I think I hand wringed a bit too much over these controls.. time would be better spent on getting a good VCR with tbc and denoiser circuit, and an external tbc and a good capture card that gives you the choice of
virtualdub or mpeg2 capture. Bonus with a good tbc is most true or false copy protection will be neutralized, so there is extra incentive to find an external tbc.. but they are becoming hard to find.
If you get a proc-amp, the SignVideo / Studio 1 proc-amps have a bargraph LED meter for adjusting Brightness and Contrast values, but nothing for the Sat, Hue controls.. which is pretty much optimum.. too much control can get you in trouble fast. And its probably just as valid for detailers, like the DR-1000.. in the hands of a professional it can make a great difference.. but in the hands of an amateur, not a lot of difference.
I think its been wisely said before, that tweaking by your own eye and experience is usually good enough.. and if you have real doubts, don't throw out the tapes after capture, and/or capture in lossless with
virtualdub so you can fix things later.. lossless is expensive, but you'll know if its worth the cost.
Fixing mpeg2 captures.. just don't rely on that possibility... and mpeg2 was optimum for interlaced video, mpeg4/xvid/divx much less so.