Analog to media files questions

Hello. I am interested in taking my old 8mm DV tapes and some old VHS tapes and convert them to video files. What I’d like to do is put the video files on my own NAS and watch them on my TV , BUT I’d also like to share them with friends and family through the internet ..... via google drive , one drive or something of that effect. My question is what format do I capture at. MPEG2 ? When I do capture, do I need to convert them again to another file type like MP4 or Is there a way of just doing this once on the fly ? Id like something of high quality, but the file size will not be insanely huge. I have 4tb of space to play with. I will be using Sony Vegas. Is there any better software out there that anyone can recommend to use that is perhaps easier or have more options ? I’m not looking for fancy titles or any special effects. Just want to convert to media files to share w friend and watch from my NAS. Some are DV tapes and some VHS. Any help will be greatly appreciated. Thank you.