I have the same project in mind but I haven't started on it. I found a copy of Roxio Easy Media Creator-7 on Craigslist, cheap. This computer software (allegedly will) allow me to copy VHS tapes to DVDs. I'll do them during the nights when I'm not using my computer.
You still have to have a VHS tape player (obviously) and a DVD Burner in your computer. I hope this helps.
You can find single units that have VHS and DVD on them that allow you to record from the VHS to the DVD. At the same time, you can record from television to either the VHS or the DVD. They don't cost all that much. Check Amazon and Ebay. I actually have one; works great.