My first surround sound system was both A) with a VCR and B) about 3 years old. Let me explain!
I went to Wal-Mart, COMPLETELY clueless, and asked what surround sound system would be best for my old 4 head VCR I'd inherited from my parents. To this day I don't know if the guy was screwing with me or not, but he steered me towards a Durabrand 5.1 speaker system. 5 speakers! A subwoofer!! He explained it even came with the red and white audio cable I'd need. Fantastic!
I get it home, plug it in, and start listening. Besides not really being any louder than my TV's speakers, there was another problem. All 5 speakers were playing the EXACT same stuff, Same volume, same sounds, same everything. I jumped on the internet and learned this particular model (which cost a grand total of 23 dollars) simply output the same MONO signal to all 5 speakers. It wasn't even stereo.
edit: Incidentally, Dolby Pro Logic II is REALLY good. I was using it for my 360 and there was some really good discrete surround action going on. (Couldn't use the HDMI cable and digital audio out at the same time thanks to that stupid plastic casing). I ended up taking a screwdriver and hammer and fixing that issue so I could use optical cable, but the difference wasn't all that great. Your VHS tapes will sound great through it, just look for an even vaguely modern receiver.