You can get TC out of a VX-1000 but not through S-vid output. It will come through the firewire, but sounds like that's not for you. I get it through the Lan-C port. I use the TAO L-Port box (which translates Sony protocal from rs-422 to lan-c). The TC comes through the lan-c to 422 and into Speed Razor.
You can capture at low res, edit, then use the update capture list function to delete unused clips from the batch capture list. Then recapture at higher quality. Some issues re: this: I did it successfully when I ran SR 3.5, but have not tried since upgrading to 4.0RT. I have heard others have had trouble doing this w/4.0. Not sure if it's a 4.0 problem or some other problem they were having.
Also, assuming "update capture list" works properly, there is another issue: When you go to recapture, you cannot recapture video only. For your sync sound clips (originally captured with audio) you will have to recapture with audio. This presents a problem if you have done a lot of outboard audio editing such as with Sound Forge. Seems the answer is to do a rough edit with the low res clips. Then do your high quality recapture before doing audio sweetening w/SF or whatever. Also, since you are using PVR, any rendered effects done while in low res mode will have to be redone. May be better to do cuts only in low res and save all effects builds until after recapture. Since Film-FX must be rendered, I'd put all that off until you have a near final edit in high res mode.
I have upgraded to 4.0RT and full DigiSuite on dual P-II 333 Asus using Seagate Elite 23's. My former PVR ran on single P-Pro 200. Real-time effects are great - I hate waiting. Renders such as Boris run very much faster - takes maybe 1/4 the time. I thought PVR quality was great, but looking at some masters of shows done on it, I think the DigiSuite output looks even better. I find that the overall speed increase has dramatically improved my ability to get shows done. I would hate to think of going back. However, the DS LE version gives most of the benefit for about $5K less than full DS. Bears taking a good look.