The old XP and ATI card has saw better days. On top of that the newer HD std. that free TV provides also drives what any newer ATI card will be. Even, if you don't use that option, the VCR connection is still an old media which Win7 may provide support for but that's an open question for now. It will be treated as another media source. But, if Win7 can't accept that, then you're SOL. At least any newer ATI wonder card has to be Win7 compatible and they are. Thus, it leaves the VCR itself as an issue. ATI wonder comes in USB and PCI-e1x so pick one that suits your needs. What is very important provided everything actually gets installed, is that whatever menu pops-up will have available the VCR in some mode. It MAY NOT be labeled VCR, could be media or item #1(etc.), in other words, you may need to pick one and try it until one succeeds.
Well, that item: MSI DIGIVOX ATSC needs to be NTSC ready or older US stds.. Regardless, it seems you're dragging too old stuff into your needs. As another poster offered, you would be better off just getting a TV. The irony is that newer LCD type TV offer all the connections you would likely need and still use it as a monitor with your PC(maybe 90% sure).
ATSC vs NTSC: http://www.ehow.com/about_6088790_ntsc-vs_-atsc-tuners.html
Se, how all this gets complicated. I wish ya luck. adios ------Willy