Ok i think this is bundled with some specific hardware. I'd suggest to either dual boot or keep a 32bit capable OS on a bootable external drive. Of course you can also just keep on using High Sierra (and nothing afterwards). You'd have to check if it's working when running in a VM (as it is bundled with a special hardware). Just wondering if iMovie (or fcp) isn't up for the job too if it's using a standard video capture API.
I wouldn't capture directly into h264 by the way - but use ProRes as an intermediary format and later compress to h264 (after cutting, color correction, deinterlace, etc.)
I've got no interest in stuffing around with vms and dual booting these days. I buy apple partially for the 'it just works' experience, yet increasingly it just doesn't work with out fiddling around and I may as well go to Windows 10. Apple could just keep comsptiblitly or build something like they did with classic or Rosetta.