I've done this before.. what a pain. I routed the VHS to my TV... and then to my camcorder. Then import into iMovie and then burn with iDVD.

You could run the VHS straight to the camcorder.

If your camcorder supports pass through feature then no need to record on camcorder but just record on your Mac. The camcorder just reads the data and passes it through w/o recording it.