I would get a DVD recorder from an electronic store, like Walmart, for under 200 bucks. Then burn the 8MM Video, through the composite jacks, to DVD-/+RW, or RAM (the disc won't be wasted if the video quality is not good). If the video quality is good, then burn them to DVD-/+W and save some bucks. If the video quality is not good, exchange an expensive one (usually it's better), and ditto, until the video quality is satisfied. After burned all the video, I would keep the DVD Recorder to record my favor TV program, like Sex and the City, Or donate it to Salvation Army for a tax-deduction.
If your DVD player is compatible to DVD-R, the alternative is to get the Sony 301 DVD-Cam first. Then connect the Analog-Cam to the DVD-Cam through the composite jacks. Burn the video to Mini DVD-R. This method would save you a lot of time and money.