Hi Betsy Og,
I am using Pinnacle Studio 9 plus and have found it great. Its memory and processor hungry so you need a powerful PC.
Presumably you have a Hi 8 camcorder so you need to get this onto computer for editing. There are a number of ways as I have been looking at this recently myself. I tried a Dazzle box via USB but I found a considerable quality drop. I am looking at buying a DV Camcorder with analogus input so that I can transfer it onto here and then to PC. Another way would be to attach to a DVD recorder and then edit it on PC. I havent however tried these methods as yet.
Once you get this transfered you should be fine with Pinncale...