[John Sharp]"When using log & capture to import VHS/Beta/DV/Super 8/Umatic/8 or 16mm film (using a Grass Valley ADVC 110 analog to digital converter)- what settings should I use to capture at the highest quality?"
There's only one setting you can use with that...as it connects via firewire. You can only use DV/NTSC. And unfortunately that's the lowest end SD format that FCP works with. If you had a direct capture card, like the kind AJA or Decklink or Matrox make, you can then capture ProRes NTSC, or DVCPRO 50...which is much cleaner. But that device converts every signal to a DV signal...so you have one option.
[John Sharp]"Also- what are the settings I should use to make a high quality/ "archival quality" quicktime file?"
The same as you captured as. Don't recompress at all. It's already pretty low data rate.
[John Sharp]"I have tons of things I need to digitize but I don't have 1GB per hour of material to spare."
Uh....DV is 13GB/hour. And again, that's the LOW END of standard definition. Everything else is higher. Any lower and it really isn't too viable. First off, you can ONLY capture as DV, as I said, as that is the only way to capture with that device. DV...period. You'd need to then compress the footage afterwards if you wanted to save space. H.264 is good...but quality will be low. Not really an archive format.
Hard drives are cheap. I can get a 1TB USB drive for under $60.
[John Sharp]"Are there a high quality settings (both capture and quicktime output) that aren't huge disk space eaters?"
With the device you have...the only option is 13GB per hour DV.