In order to import analogue footage through my camcorder's firewire and into my computer as DV video, I have to record the footage onto a hi8 tape first (my camcorder does not allow direct analogue to digital conversion without a tape). Can I re-record over the hi8 tape repeatedly without incurring quality loss?
no. Just like any magnetic-based tape (vhs, beta, hi-8, vhs-c, mini-dv etc) it will degrade in quality the more it is recorded on AND the more it is played. I`d save yourself alot of hassle and trade in your camera for one that can pass-through without using a tape (like the JVC DX95 etc). You may be able to do it with your current camcorder anyway though, as I thought my DX95 had to have a tape in as well to pass-through, but then I found out via an e-mail to JVC that it could pass-through when `empty` and how to do it.