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You apply Neat after you capture.
You can download the trial and try it out yourself, which I suggest you do.
You can search both this forum, as well as the forum over at doom9.org to get a sense of how people use it and what they think of it. My guess is that you will also find posts on the Premier support site. What I think you will find is that most people are overwhelmingly positive about the results they get using Neat to denoise their videos.
I have used it, and have also used half a dozen AVISynth denoising filters. I am in the minority because, both when I have used it as well as when I have looked at the results posted by others, I think it loses a little too much detail.
For VHS, I usually use the MDegrain2 function that is part of the MVTools2 AVISynth filter. There are several other newer denoising filters that I think others who post here will recommend, and some of these other denoisers can do some pretty spectacular denoising. One reason I stick with MDegrain2 is that it is relatively fast. You may find both Neat and the other denoisers that will be recommended by others are all pretty slow. If you have a big project, speed does become a consideration. -
Neat video is great. I'm not into Avisynth, and the denoise filters I used in Virtual Dub weren't as good as Neat. With Neat, a few clicks (in beginner mode) and you're done. The denoising power (and other parameters) can be adjusted. It does overdo it a little at times. I have seen denoising by Avisynth that was better than a quick Neat treatment, but it all depends on how much time/effort you want to put in and whether you're happy with the result.
As far as workflow goes, I would suggest you capture with no filters so you have a pristine master copy to work with. The apply Neat either in Virtual Dub or with Premiere (I assume it will work with Elements; I don't use Adobe).
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