Video Capture setup fit for dual purpose? could do with some advice.

[brek]

Hello people. I have a problem, and after reading a bunch on these forums, this is my solution, but I'd value your opinions to see if you agree or can beat my solution.

I need to be able to record footage of games we have created of a high quality, with as little loss as possible.
The resolution is Standard TV resolution.

The plan is to capture the footage from the PC emulating the Set top Box (thus not losing quality due to MPEG2 compression)
Capture it uncompressed via VirtuaDubMod or some such software.
Edit it in Premiere Pro etc.
Export it as whatever compressed format it is needed to be in for showing to people etc.
Cuts need to be precise etc.

The other requirement is to capture footage from the Set Top Box for bug testing purposes. This obviously has to be on the end platform as we need info on crashes, gameplay quirks etc.
This means that the graphics etc will already have been compressed into MPEG2 format, so we can't get high quality.
The plan is to use a TV Capture card in a PC to record the SCART output, or S-Video should there be one.
Note. The TV Capture card will have to be able to capture PAL and NTSC format.
The plan is to use a cheap / free MPEG editor like VirtuaDubMod or Womble to get approximate cuts, actual frame editing is not as necessary, speed of editing, ease of editing, speed of capture and the amount able to capture IS important.


That's the plan anyway. Can anyone offer a better solution?
The criteria it must meet are.

High Quality for the showreel/promo recordings.

Speed, ease of use, ability to capture hours of footage in one go, NTSC and PAL capture, and cheapness. For the Bug Test Capture machine.

Let me know what you people think, any possible pitfalls, or better solutions?

[brek]

I would also welcome suggestions for the TV Capture card if anyone has any.
It can't cost a lot of money, ideally under £100 ($200).
It has to be able to capture NTSC and PAL.
It doesn't have to have 2 tuners etc, as it will only be recording one thing at a time.
It should be able to capture real-time as MPEG2 format to minimize file size.
A bonus would be if it could capture uncompressed to maximize quality.

It should have an S-Video input, and an RGB/Scart input. Can Coaxial carry as good a signal as RGB?

Capture size must be at least as large as standard TV resolution. NTSC and PAL 520x768ish (not sure what tv res is off the top of my head )

It must be able to work on a PC, probably Windows 2000, maybe Windows XP service pack2.
Software should be reliable and easy to use.