Wow thanks guys, I never expected such a good response! There have been a lot of questions since I posted last so let me see if I can answer them...
For export I used 3ivx MPEG-4 codec, I've found that one gives me excellent results with small file sizes and it plays in Quicktime and on PCs in WMP natively. (And it encodes MUCH faster then H.264)
Most of the footage was shot between the years of about 1964-1974, with a few shots in the end from later, around 1978/9 or so.
How did I convert the footage?
Well what made it really easy was that my grandparents had their 8mm footage converted to VHS about 10 years ago, so I just grabbed it off a VHS tape. Went VCR->Camcorder as DV Bridge-> Powerbook.
macvac, Man I'm sorry to hear about losing your family's stuff in that fire. Thats the stuff you can't replace.
As for how long did it take? Well capturing the footage took about an 2 hours (set up plus 95 minutes of video). After that, I'd guess it took me about 3 hours. I think a lot of it depends on how much original footage you have and how long the final video need to be. Deciding what to leave out was difficult. After I went through and got all the potentially usable clips, I had about 9 minutes of footage, which I then had to shrink down to 5 min.
As with most video projects, it can take as much time as you want to spend tweaking, but at some point you just have to be happy with what you have.
Thanks again guys!