I had the same requirement except my Hi8 tapes were recorded in the UK PAL format and I now live in the states.
Managed to buy an old PAL camcorder on eBay for $40 and using my Hauppauge WINTV card in the computer, accept the PAL signal and save it to disk as the US standard NTSC.
The software with the Hauppage card is basic but does the job of converting between the 2 different formats.
Use VideoRedo TVSuite for any editing work.
Only 30 more hours of tape to go
