Well, to be blunt, probably the answer to your question is "no". USB-1 simply can't handle the bandwidth necessary for "good" video. USB-2 supposedly can, but i have yet to see a device that does it well.

Far better yet is to get something like the Canopus ADVC-100 converter and connect it to the computer using firewire/1394. This blows away any USB device and is even better than most internal capture cards costing much more.