You have what are referred to as "distribution" and "intermediary" formats. Intermediary also referred to as "editing" formats, since those are mainly used for editing in NLEs (like Premiere or Final Cut).
- intermediary = lossless (
Huffyuv) or semi-lossy (ProRes422, DNxHD)
- distro = H.264, MPEG-1
MPEG-2 was a special format, because it could be both. You can really compressed it, using distribution encoding. Or you could capture it, using higher-bitrate. Technically, you could also capture with low bitrates, but it always looks awful. DVD recorders were possible for this reason.
You can record fresh content in camera, using the AVCHD (using H.264), but bitrates are large. Shooting is not capturing/converting, of course, and you can't use the method to re-acquire content.
Using a DVD recorder is a good suggestion. Note that I have a Samsung LSI-based unit for sale in the marketplace, if interested. You still need a good VCR, and probably an external TBC because most tapes have signal issues to overcome. Note that you can always buy it, use it, then resell it later on.