editing and adding effects to a mpg file

[younso]

I have imported my old Hi8 tapes via a WinTV PVR 150 card and now I want to edit the files.
I want to remove any unneccesary parts at the ends as well as in the film, add some effects ie transitions between some scenes as well as add some introductory text in some places and export the files.
I have tried Adobe Premiere Elements, but it was difficult to use as well as extremely sloooow! If I take the mpg files as they are, import them into TMPGEnc DVD Author the dvd output takes ca 1 hr. Premiere was going to take 11 hrs after I had added 1 fade-in, 1 fade-out and 1 dissolve between 2 scenes!
I am using a P3 600 MHz and 256 MB RAM. What programs are available? Should I remove any unneccesary parts first in one program and then add the transition and text in another?
Thanks for any help!

[guns1inger]

When you captured them, what sepcs did you use - resolution, framerate etc ? If they were DVD compliant, then the bits you didn't edit shouldn't need to be re-encoded. Mpeg is a very poor codec for editing in. Look at Womble-VCR or similar as these are built for mpeg editing and shouldn't re-encode if your video is already OK.

[younso]

I captured them with dvd compliant specs.

[guns1inger]

Look at the mpeg editors instead then.

[Garibaldi]

Either Cutterman or Mpeg Schnitt will probably work for what you're talking about.

[ZippyP.]

... add some effects ie transitions between some scenes as well as add some introductory text in some places...

Womble Mpeg Video Wizard has all those features. Free fully functional trial available.