If you are still interested, the hardware you have is just fine.
However, if you want quality copy you should consider(IMHO) using VirtualDUB(freeware) as your capture and conversion software(VHS to computer), and TMPGEnc(freeware version) to convert to VCD format
to DC-ROM.
You can use NERO(freeware version) or ROXIO for burning, I don't use either anymore but the quality seemed much better with ROXIO yet NERO was easier to use(IMHO) so take your pick.
Capture at as high a resolution as possible(720 x 480 for NTSC if possible, some conversion software will not let you use this setting), if finished product is strictly for TV then DO NOT de-interlace, use as few filters as possible(I use virtually none and my end product is as good as any VHS you have seen!) and you may want to try SVCD, some like it, some don't.
Bottom line is that you can produce very high quality CD's for TV with freeware if you are willing to try a few things!