VHS/Hi8 capture - futureproof workflow advice

Question

I have a massive project on my hands....  I have hundreds of VHS tapes and tens of Hi8 tapes I want to convert to digital form.  For the past several years, I've been meaning to get around to this project, and have accumulated quite a bit of hardware and software.  I've read a ton of formus and blogs on the topic, and quite a few questions were answered, but was hoping to get some advice from people who've done this and have some retrospective advce. 
Here is my list of software/hardware
MBP i7 with 10.7.2 (will prob downgrade to 10.6 for this for canopus software reasons)
JVC HR-S7800U SVHS deck (with TBC)
Sony RDR-VX500 VHS/DVD combo recorder
Canopus ADVC-300
Sony Hi8 Camera (S-Video Out)
Sony HVR-A1U HDV camera
Blu-Ray Burner - will put in external case for use with MBP)
Final Cut Pro 7
Final Cut Pro X
I have many questions and would really like advice on setting up a workflow to capture these tapes.  I want to futureproof this collection, meaning I want to capture the best uncompressed video possible while at the same time not becoming wed to Final Cut or Apple-only formats (a la FCP7->X issues).  Remember realmedia was really neat about 15 years ago???
What capture format is the best:
Uncompressed 8-bit NTSC 48kHz or Uncompressed 10-bit NTSC 48kHz
Anyone optimize the hardware setting on the ADVC-300?  I wanted to just capture without the canopus software to make everythign consistent. Where do I put all the dip switches?
IRE 0 or 7.5
Video Audio adjust on or off
Chroma filter on or off
External or Internal vide sync mode
Thank you very much!!

Answer 1

Sequence Preset: DV NTSC 48kHz
Capture Preset: DV NTSC 48kHz
Not a forum expert here, however I completed a very similar project your are describing here.  Very tedious and had its issues and challenges.
Here are a few things you should think about.  One of the big issues with VHS format is that it is analog and has no timecode as found on modern dv tape based and file based cameras. Is this important to you?  To me it was a big factor in utilizing it with other NLE suites down the road.
What I did was to capture/record each hour of vhs to minidv tape to create an archival copy with timecode and 48khz audio, then capture with FCP.  In addition to timecode and ability to cleanly log and transfer clips, the audio track  will be compatible upon capture in FCP.  Batch Capturing of non digital tape may (or "will" is a better term here) create audio drift and other audio issues. 
I would recommend doing the same with the Hi8 tapes.
If you proceed without the above process and just batch capture directly, do some research on the camera that was used to record the tapes you are working with.  The audio track recordings vary widely from camera to camera and a become issue which must be addressed in altering sequence and capture presets in FCP. 
I know recapturing dv essentially "doubles" work but down the road you will always have digital tape archival backups which can be easily recaptured if necessary. Use quality tape. I made sure my dvtape deck heads were clean before and during the transfer and upon FCP capture there appeared to be absolutely no generational "loss" of video or audio quality.
As Studio X answered above, DV file format stored in your project file on scratch disk for FCP will be fine for most NLE suites in the future.  Just remember to back up your scratch drive on site and off site. 
Hope this helps and good luck!