Do you really think you are going to see a difference with vhs and old cine film if you put it om a blueray disc I doubt it .Transferring to dvd will not improve the quality preserve it perhaps I would go ahead and just go for the present dvd. Now you cannot edit dvd material on windows movie maker so you need a rethink there least not on xp .Most of the editors now will handle Mpeg which is dvd and will only recode what is needed (ie only the parts that have been edited ). All of this will take considerable time so. Make sure your pc is up to it Spec wise and get cracking in your own words ' I dont want to wait too long'
Of course my own personal view others may well differ