Run into this before?
A VHS video tape that has snow thru the picture, not viewable, this was just shot. It's a 5 minute clip and is the only video on the tape. The tape used was brand new and the audio sounds fine. When the tape is paused or played in slow motion the whole picture can be seen.

Any suggestions on restoring this?

The player cannot track the image. Try another player. This can happen for many reasons, and can even happen with JVC players.