I need help figuring out the best way to convert analogue video to DV so that I can edit it.

I have a large number of VHS and hi8 tapes that I want to convert to high quality DV.
I have a couple of options. One is an Elgado Video capture system.
The other is a Sony Digital Media Converter Box (DVMC-DA2).
I have tried a few of the less important tapes using the Elgado Video Capture system. It only allows you to convert to MPEG4 or H.268. It is not very good quality, especially for archival items or items I would later wish to edit.
I also have the Sony Digital Media Converter Box. I have heard that this is a superior option. So far, though, I have only been able to figure out how to import using an old version of iMovie HD. This makes a large imovie project file (approximately 6.18GB for a 28:30 clip vs a 348.9MB for an MPEG4 using delgado.
On top of that to convert the file from an iMovieProject file to DV is an additional step that so far looks like will take a half an hour at best.
Is there any way for me to import VHS/hi8 tapes using the Digital Media Converter Box to creat high quality DV files directly? If so, where can I find this info? What steps should I take and what are the settings I should use.
I have a lot of tapes so I want to figure out the right and most efficient way to do this because I will be repeating it a bunch of times and would hate to have to start over again.
I should also mention that I am using a Mid 2010 MacBook Pro, with OSX 10.9.1
I'm sorry in advance if this seems like an obvious question, but I have been googling and looking at tutorials on the site and just have not found the answer. There are a lot of ads for expensive low quality services to do this converting for you, so maybe the answer I am looking for is burried in all that advertising.
Thanks

Thanks Biggles and Gotz. I just couldint find capture, but now I can! (It was right under my nose too).
I'm trying it now and it appears to be working. Do you have any other recommendations for capturing from hi8 video source as far as setting go? I am using DV to capture. Are there any other settings I should pay attention to?
There is an extra line of video noise at the bottom, but when I google it, it sounds like it won't show on most standard tvs and if I want to fix it for online, that I should mask it after the fact vs scaling up the video.

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