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Get a FireWire cable and rip the data straight from a dvcam to get the raw video files. Then compress with desired settings

Ah actually they’re 8mm cassette tapes and vhs-c. From 20-40 years ago

The advice for video 8 when I did this was to buy a quality camcorder for the desired format (note, there's Video 8, Hi 8, and Digital 8, all using the same cassette form factor), in good condition, and capture the S-video output. Results were surprisingly good.
VHS-C can be played in a normal VCR, with an adapter cassette, but the process will otherwise be the same. Excellent VCRs in good condition had gotten expensive last time I checked, though.
When I did it, vhsdecode didn't exist and I know nothing about that, but I'm completely satisfied with the results I achieved.

if they're digital 8, then of course ideally you would get a digital capture.

Cheap? Get one of those chinese composite video to SD card mp4 rippers.

Perfect? A linux PC with 400 dollars RF capture card plus vhsdecode software.

Try and use this system if you have the resources:

https://news.ycombinator.com/item?id=41664109

If you're in Ontario or Quebec I can help you out.