I'd stay away from combo VCR / DVD recorders. They are usually low quality devices.
If you have no experience with transfer of tape to DVD probably the best/easiest way is to purchase a DVD/HDD recorder. Hook the VCR to the recorder, press record and wait. DVD and HDD based recorders will let you perform rudimentary editing if there happens to be bits you want to chomp out of the end product.
Many (but not all) DVD recorders have some sort of
time base correction built in too. Some VCRs also have the feature on their outputs. TBC is, IMO, essential when transferring from unstable sources such as a consumer VCR. However, a higher MPEG-2 encoding rate will counter the bit consuming effects of unstable sources. If you do buy a DVD/HD recorder check to see if it has TBC features.
If you go down the path of PC conversion, there are plenty of options available, some good, some bad and there's a wealth of information out there
waiting to be read.
Another option you may not have considered is professional transfer services. A decent service won't cost the earth, will use TBCs, will correct the signal levels to give a better picture, will have superior playback equipment that does a far better job at drop out concealment etc.
Edited by DrP, 11 July 2011 - 09:18 AM.