Yes. Very good results. I do it a little differently now. I have DV Camcorder and firewire card. I capture to AVI with the firewire card. I still use the TMPGEnc for MPEG2 compression. Its a bit harder doing it analog. When I was doing it that way, I used VirtualDub for the capture to AVI using best quality Huffy compression, then TMPGEnc to do the MPEG2.
It depends on how much video you want on a disc. For me, I wanted 1 HR on an SVCD (MPEG2). This really requires a 2 pass VBR for decent quality. If you could live with 30 - 40 min, CBR would be fine. If you have DVD recorder, CBR is all you need.